What is an unsecured loan?
An unsecured loan is another way of describing a loan that is offered to a borrower that does not have anything in the way of security to offer the company lending the money such as a house.
This type of lending is ideal for younger people particularly as it is unlikely that someone in their early 20’s would have enough equity in a property anyway, let alone have a mortgage on one. Other types of unsecured loans such as guarantor loans are also ideal for people whose circumstances mean that they will be turned down by high street lenders such as banks or building societies because of a bad credit history. A guarantor loan does not require that any credit checks are carried out by the lender on the borrower, instead all references and checks are made on the person applying for the loan, in this case, the guarantor.
Because of these criteria, guarantor loans from Any Type of Loan have become extremely popular and over 200 people every day apply for a loan through our website.
Unsecured loans are also very quick to payout. Unlike mortgages and other secured loans, unsecured loans can be paid out within days of making the initial loan application and that includes all referencing, credit scores and credit checks and bank details. As long as the applicant (the borrower) submits all the information required on day 1, there is absolutely no reason why the loan cannot be paid out within 5 working days of the application being submitted to us online.
The amount that can be borrowed on a typical unsecured loan is anything from £1000 to £10000 and with a guarantor loan it is from £1000 to £5000 and this is the really interesting bit, with a guarantor loan you can even borrow up to £1000 if you are unemployed.
