Unsecured Loans In The UK
With unsecured loans there's a wide range of lenders
Unsecured loans in the UK make up the majority of available loans, and they're available from a dizzying range of lenders. Some firms' offers are designed for mainstream customers, while others are more appropriate for people with unusual circumstances or poor credit ratings.
Unsecured loans in the UK are available everywhere: the This Is Money site (www.thisismoney.co.uk) lists more than 460 different loans from more than 55 lenders, and that's just the tip of the iceberg. However, some loans are only available to a select few and some customers will find that the big name lenders won't consider their application.
Unsecured loans in the UK tend to fall into distinct categories. Mass market loans from big-name lenders are the most common, and they have very low interest rates and very quick application forms. Then there are the firms who specialise in more unusual customers, such as self-employed people or people in high-risk jobs; finally, you'll find the bottom feeders who offer loans to the desperate and who charge sky-high interest rates. Needless to say the third category should be avoided.
The vast majority of unsecured loans in the UK are offered by reputable firms, and if you shop around you'll discover big differences in the cost of borrowing – even if you've got a bad credit record.
loans.org.uk helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.
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