An Unsecured Loans Guide

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Unsecured loans are loans made to individuals which do not require any form of collateral since the credit quality and financial position of the individual is sufficient for the lender to extend credit without collateral. Most lenders limit the size of the unsecured loans to less than £15,000 or £25,000 without special credit approval.

The key points of an unsecured loan:

• Requires that the credit rating and financial position of the applicant is such that no collateral is required.
• The lender might restrict the loan to explicitly exclude certain purposes (e.g. to start a business)
• Most lenders limit unsecured loans to less than £15,000 or £25,000