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Unsecured Loans

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If you’re in need of an unsecured loan today, at Personal Loans Now we can help you. With low rate, monthly repayments for borrowing between £1,000 up to £20,000. As an authorised broker of unsecured loans in the UK, we offer both short and long term options. By applying for unsecured loans online, you can get the funding you need quickly and securely. We can help you alleviate your short term financial situation. Click Apply Now, and we’ll get started on finding you the best unsecured loans available.

What is an Unsecured Loan?

Unsecured loans refer to any form of borrowing that doesn’t require any secure belongings to be attached. Instead, unsecured loans in the UK have pre-arranged repayments if you’re not able to meet the monthly repayments. This way, your secure valuables won’t be used as collateral to repay the loan. Here at Personal Loans Now, we’re happy to help you find cheap unsecured loans to provide you the funding you want. This is all without any risk to your valuable belongings. Click apply now to see what we can offer you.

Applying for Unsecured Loans Online – How Does it Work?

If you’ve decided an unsecured loan is ideal for you, click apply now, and we’ll start the process. You’ll need to fill out a quick application form detailing the amount you wish to borrow and the repayment terms. As part of your application, you’ll need to ensure you meet the following eligibility criteria:

Are aged at least 18 years old

Are aged at least 18 years old

Are a current UK resident

Are a current UK resident

Are in current employment

Are in current employment

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If you can say yes to the above, we can start to process your application for unsecured loans online. In just 3 minutes, we’ll be able to provide you with a decision on a loan. We can show you 40+ UK unsecured loan lenders who could be in a position to agree instead. By doing this, we can provide you with plenty of options for unsecured loans in the UK. This should give you a better chance of getting the borrowing you need.

We search the entire unsecured loans market for you, all without affecting your credit score. With just one application, you’ll be able to see the full amount of offers available for unsecured loans. This will help you easily compare what’s out there. You’ll see within minutes exactly who is best to connect with, and we can help you every step of the way.

 

What Happens if I Cannot Repay My Unsecured Loan?

In the event you cannot repay the agreed repayment terms, your lender will contact you to arrange suitable repayment. Many lenders of unsecured loans in the UK can claim the money back via legal means. For example, they can request funds are taken directly from your salary. In other circumstances, this can result in a court agreeing for repossession of your personal belongings, such as your car or vehicle. This is so the debt can be repaid to the lender quickly. The best action to take is to contact the lender as soon as possible if you feel repayments can’t be maintained. This will help to avoid any necessary legal action.

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Unsecured Loans vs Secured Loans – What is the Difference?

Any form of secured loan refers to borrowing that is secured against property or possessions. This is usually agreed up front during the credit application. It means if repayments cannot be maintained, the agreed secured belongings can be used to repay the loan. For example, your car, house, savings etc. can be used as a pre-agreed asset. This is the main difference compared to unsecured loans. You should carefully consider both options. Many people may prefer to choose unsecured loans without any risk to their possessions.

Do I Need a Good Credit Score to Apply for Unsecured Loans Online?

To apply for unsecured loans with us, you do not necessarily require a high credit score. However, you may find that the best rates of interest and repayment terms will be affected by a poor credit score. When you apply for an unsecured loan with us, the better your credit score, the better the rates of interest will be. This will mean you’ll have access to the best unsecured loans available. We can show you lenders who can help you, but you may find the amount you can borrow is less.

Due to the risk involved lending to someone with poor credit, lenders will perform checks to ensure affordability. This means if you have a good credit score you are much more likely to be accepted for unsecured loans. The higher your risk to a lender, the less you can borrow. Potentially, this could mean higher interest rates will be applied.

There are many benefits to applying and receiving an unsecured loan. This makes them a great option for many people. Benefits include:

Unsecured loans are available to anyone

Unsecured loans are available to anyone, both tenants and homeowners alike

There is no risk of losing your assets

There is no risk of losing your assets

Quick and fast application

Are available online through a quick and fast application to receive the funds fast

What Are the Risks of Borrowing Unsecured Loans Online?

As well as the many positives, it’s worth considering the risks involved with borrowing unsecured loans online:

  • Interest rates can be much higher than those with a secured loan, due to a higher risk for a lender to provide.
  • You can only borrow smaller amounts of credit due to the higher risk also
  • In general, you will need a good credit score to receive an unsecured loan at preferable rates.

The good news is, if you do have a poor credit score, we may still be able to pair you with a direct lender. The personalised table of unsecured loan offers you’ll receive will compare the available offers. This means you can easily decide on the best option for your circumstances.

Unsecured Loans Online FAQs

What do I Need to Consider When Applying for Unsecured Loans?

The main thing you’ll need to consider is the health of your credit score. This will determine whether the best rates are available to you. You’ll also need to ensure that your current affordability will cover the repayment terms you’re requesting. All of our lenders operate responsibly and want to ensure you’re in the best possible position to receive unsecured loans. That’s why they will perform the required credit and affordability assessments, to ensure your financial safety before lending you money.

I Have Bad Credit, Will Unsecured Loans Online Still Be Suitable For Me?

Even if you currently have bad credit, you may still be able to receive an unsecured loan online through us. We’ll consider your affordability in general, ensuring the repayment terms and loan is manageable. After completing an income and expenditure form, you can hopefully show you have the affordability. You’ll then be in the best position to begin an application through us. If unsecured loans are not a suitable form of credit, you may want to consider a bad credit loan instead.

Do I Need a Guarantor to Apply for an Unsecured Loan Online?

No, you do not necessarily need a guarantor as part of your application. However, if your credit score is poor, or you’re self-employed, the only way to receive the loan you want may be by having a guarantor. You can find out more about our Guarantor Loans and the options available to you. If your credit score is good and you can afford the repayments you want, you may be accepted for an unsecured loan.

Is it Safe to Apply for an Unsecured Loan Online?

Yes absolutely. We use a secure application process to ensure your personal details are kept safe. This means you can have peace of mind when processing an application for an unsecured loan online. We want to ensure your experience with using Personal Loans Now is seamless. We take the security of your information seriously. Our priority is to ensure you have no concerns when completing an application through us. If you do have further queries, please contact us for further information from our friendly customer service team.

How Quickly Will I Receive Funds for an Unsecured Loan?

An application for unsecured loans online should only take a few minutes. This means if you are approved, your lender can potentially fund your bank account the very same day. However, if the application is processed outside of working hours, the funds will generally be deposited the next working day.

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