| The type of loan you are looking for will depend | | | | equity available in your property. They are usually |
| on several circumstances,firstly, are you a | | | | easier to obtain because you have the security of |
| homeowner or a tenant.This will decide wether | | | | your property as collateral. This makes the loan, |
| you have the option of a unsecured or secured | | | | less of a risk to the lender and usually you can |
| loan.What is the purpose of the loan,and how | | | | get a better rate with a secured loan than an |
| much are you looking to borrow, these are some | | | | unsecured loan, especially if your profile is adverse |
| of the considerations and decisions you need to | | | | in any way. |
| make before deciding what type of loan is best | | | | The process for a secured loan does take longer, |
| for you. | | | | most companies, in the right circumstances, can |
| An unsecured loan is a loan which has no security, | | | | complete a secured loan within 10-15 working |
| basically you are not securing the loans against | | | | days. This is dependant upon several factors, one |
| your home/property. It is sometimes called a | | | | of which is the loan amount, if under £25,000 |
| personal loan, and generally you can borrow upto | | | | the loan is termed a regulated loan and has a |
| £25,000, although the higher the amount the | | | | cooling off period, if the loan is over £25,000 |
| better your credit profile needs to be. Loans can | | | | then it is termed an unregulated loan and can be |
| be used for almost any purpose and can usually | | | | completed much quicker. Other factors include |
| be completed very quickly, usually within 48 hours. | | | | your current first charge / mortgage company, if |
| There are various sources of unsecured loans, | | | | they have a restriction on your property then |
| the more popular being your own bank and | | | | consent for second charge needs to be obtained, |
| several high street lenders. If you are self | | | | this can take anywhere from 2-8 working days |
| employed or have a adverse / Bad credit profile | | | | dependant upon the lender. |
| you may find it difficult to obtain an unsecured | | | | A good loan company will be able to inform you |
| loan, that is where a secured loan option is | | | | of the approx time the loan will take and what |
| available. | | | | information needs to be obtained, and will keep |
| A secured loan is a loan which is secured on your | | | | you informed all along the process, until |
| property, you can usually borrow upto | | | | completion. |
| £100,000 or more dependant upon the | | | | |