A Non Secured Loan Explained

A non secured loan is just another name for an unsecured loan, which can also be referred to as a personal loan. They all just mean that you can borrow money without needing to have some property as security for the loan. You can be a tenant, living with parents or a homeowner to get a non secured loan.
In the UK the legal maximum amount you can borrow on a non-secured loan is £25,000. The maximum period you can borrow money over is 5 years; the minimum is usually 6 months. The APR is almost always higher than that of a mortgage, usually about the same as a secured loan for the equivalent amount, and considerably less than a payday loan.
Most non secured loans can be found through a broker, but there are a handful of lenders who offer direct-only deals. Therefore the best way to get yourself a great deal on a loan is to see what rate a broker can offer you, and also go to the banks that Financing A Startup only offer you money directly. This way you combine the speed and number of options a broker has, and the handful of options you can only access yourself. A few extra hours work on your part could mean you save hundreds, or even thousands in repayments.
But remember that every time you apply for a loan it negatively affects your credit score slightly, which can Financing In A Sentence take a few months to revert back to the previous score. Also ensure you can repay the money back in full.

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