Unsecured loans are available from a wide range of lenders, and these loans are available to both homeowners and non-homeowners. You will generally need to have good credit as most lenders won’t take the risk of giving these types of loans to someone that has had credit problems. If you have good credit then you can enjoy a choice of loans, and the good news is that rates have come down on these loans.
Benefits to consider when it comes to unsecured loans:
1. An unsecured loan is not secured against any asset and is instead based on trust and contract. This means that if you do fall behind on repayments – although this is not a good idea due to the effect it will have on your credit – you will not be risking losing your home.
2.You do not have to be a homeowner in order to qualify for an unsecured loan.
3. With unsecured loans the repayment terms are often shorter than secured loans, and this means that you will get it paid off sooner when making the minimum payments.
4. Unsecured loans are quick to process, as there is very little in the way of checks to carry out. There is no need for a property evaluation, and the only details that you will need to confirm are details such as your income.
5. You can enjoy a wide choice of lenders when you opt for an unsecured loan, ranging from High Street banks to Internet only lenders.