Unsecured Loan FAQs
Please click below for the answers to our most commonly asked questions. If you can't find the information you need, call us free on 0800 694 5566 and one of our advisers will be happy to help.
How much can I borrow?
We help our customers borrow anything from £3,000 to £25,000 as an unsecured loan.
How long are the repayment terms?
Repayment terms range from one to 10 years, allowing you to select the period that suits your circumstances.
What are the interest rates?
The interest rate you’re offered will depend on your credit history, your current income and other financial details.
Are there any loan fees?
As a broker rather than a bank, we receive commission the lender pays us when a loan is completed. No broker frees are charged on unsecured loans.
What happens to an unsecured loan after death?
If a person dies and leaves unsecured loans unpaid, and they have no assets that can be exchanged, the debts will be written off. However, if the deceased has assets, the amount owed will be taken from their estate. You can read more about this here.
What is a soft search?
A soft search lets a lender see your credit report without leaving any trace of their search on your public record – so you will be able to see it but no one else.
Hard credit searches, on the other hand, are visible to other lenders and may negatively affect your credit score if they lead to unsuccessful loan applications.
How many unsecured loans can I have?
There’s no official limit to how many unsecured loans you can have at one time. However, lenders are under no obligation to lend to you, and they will become aware of multiple applications when they search your credit history. If a prospective lender sees lots of unsecured borrowing on your record, they may increase the interest rate you’re offered, or refuse your application.
What happens if I default on an unsecured loan?
If you default on an unsecured loan, the lender may add fees or penalties to the total amount owed, and take legal action to recover their debt. Ultimately, the loan may be taken over by a collection agency, who will pursue you for the outstanding payments.
Can an unsecured loan become secured?
Yes, but only if you continue to miss your repayments to the point where your lender (or creditor) takes you to court. If this happens and you’re ordered to pay back the money you owe, a charging order might be used. This allows the lender to secure the debt against an asset you own, for example your property. In this respect, the unsecured loan can become a secured loan. You can learn more about this here.