What is an unsecured loan?
If you want a loan but you're not a homeowner – or if you simply don't want to secure a loan against your home – then an unsecured loan could be the ideal way to raise some additional cash.
No need to be homeowner
Unsecured loans are ideal for people who are in need of money, but don't own their home. Lenders will consider your application based on your credit history, income and outgoings.
If you're a tenant or living with family, an unsecured personal loan could be an ideal way to get the money you're looking for.
How does it work?
When you call us, one of our expert loans advisers will talk you through your situation, and discuss how much you want to borrow, what you want the money for and how long you'll need to repay the loan for.
Once we have your information, we'll search our panel of lenders for a loan deal that meets your needs.
To figure out how much you are eligible to borrow and what the interest rate will be, lenders will assess your credit history to see how you've repaid credit in the past, as well as your income and expenditure.
In general, a better credit rating will give you easier access to larger loans with lower interest rates.
Apply for an unsecured personal loan
If you want to apply for an unsecured personal loan – or you'd just like to check out your options – call Think Money on our freephone number 0800 195 2910.
Or fill in the call-back form on this page and one of our friendly, experienced advisers will call you back at a time that suits you – free of charge, and with no obligation.
Why choose an unsecured loan?
Raise money for various purposes
An unsecured loan can be a convenient way of raising additional funds. If you need extra cash – whether it's for home improvements, holidays or repaying debts – Think Loans could help you find an unsecured loan.
Consolidate your debts
If you have multiple debts and would like to simplify your finances, a debt consolidation loan could help.
By taking out a new loan to cover your existing debts, you will only have to make one monthly payment instead of many. You could even reduce the amount you pay each month, by spreading out your repayments over a longer period than the original debts. However, be aware that you may pay more interest this way than if you had chosen a shorter repayment period.
Have you considered a secured loan?
Of course, unsecured personal loans are not for everyone. If you're a homeowner, there are some advantages to secured loans that you may want to consider.
If a loan is secured, it means that the deal is secured against your home (your 'asset' in the loan). Lenders usually consider this less of a risk, and as such secured loans often have lower interest rates, as well as the option for a longer repayment period.