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Unsecured Personal Loans. Unsecured personal loans explained.

Unsecured Personal Loans. What are they?

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An unsecured loan means that you can borrow money without having to guarantee the loan with any of your property.

The advantage of an unsecured loan, is that if you can't pay your loan for any reason, the loan company can't take any goods from you (ie. You don't necessarily lose your house). We do not recommend you fail to repay the loan! Only that if this does happen, the affect on you won't be quite as bad as failing to repay a secured loan. Normally your credit rating would have to be fairly good for a loan company to give you this type of loan.

The problem with an unsecured personal loan is that the interest rate will be higher than a secured personal loan. This means you will pay more interest over the course of the loan. The reason an unsecured loan is more expensive than a secured loan, is that if you do fail to pay the loan back the lender would be less likely to get their money back. (ie. With a secured loan, the lender could sell your house to get their money back).