G'day friends,
If anyone having the knowledge about unsecured loan. then tell me.

Thnx

Unsecured loan doesn't need anything against your loan.Its given to you looking at your salary and other things. Unlike secured loans which needs properties so they can be sure they will get their money back.

G'day toEveryone,

I am Thankful to both (Michelrobinson and deelip) to sharing the information about unsecured loans.

thnx

They are low risk for the borrower and are based on your situation, but what the rates are like in comparison I am not sure...

Without the loan being asset backed you may also find higher interest rates on the repayable sum

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Well simply it means being able to get a loan without any collateral. Usually though it means you will have to pay riducously higher amounts of interest, which isnt so good!

Unsecured loan doesn't need anything against your loan.Its given to you loan looking at your salary and other things.

Well, Unsecured Loans is the one of the best option for those people who have nothing to give for security. You no need to give any kin of security for that loans it's a advantage of that loans and it have one for the disadvantage it have taken little bit high interest rate compare with secured loans.

Unsecured loan is where it is not secured on your property or anything else. If you get into problems regarding the repayments, your house or property is not going to be at risk.

Mick

[quote=MK Financial;4892]Unsecured loan is where it is not secured on your property or anything else. If you get into problems regarding the repayments, your house or property is not going to be at risk.

Mick

please bear in mind lenders do have the power to make a legal charge on your property if you miss payments on your loan and default - northern rock are currently doing this for example so although unsecured means your property is safe, this is not technically true in all cases

a legal charge is aprpoved by the courts & means the lender will get their money back when you sell the house or when you try to remortgage to another lender ie you will not be allowed to raise more money until you repay the loan first

Northern Rocks unsecured loans were part of their mortgages so they are a "special case". We do deal with debt management side of things and I can tell you that unless you venture into IVAs etc, it is exceptional for the unsecure lenders to put a charge on your house !

Mick

Actually, a personal loan and an unsecured loan are the same thing, but providers use different names to describe the same product.


A personal loan is sometimes described as an unsecured loan because it allows you to borrow money without having to provide security against it, such as your home or car.


Instead, an unsecured (or personal) loans provider will base their decision on granting you a personal loan by using your personal credit history. This is verified by a credit check to determine your credit rating.

Well, Unsecured Loans is the one of the best option for those people who have nothing to give for security