Unsecured loans
What are unsecured loans?
An unsecured personal loan in the UK is money you borrow without offering anything as security, i.e. property, vehicle etc. The lender decides how much you can borrow based on a number of factors including, but not limited to, your credit score, income and also by using your credit report.
The most common things people in the UK use an unsecured for loan for;
- Unexpected costs
- One-off large expenses
- Home improvements
- Education costs
Unsecured Vs Secured
A secured loan is a loan that is secured against the value of something that you own, such as your house or car. Secured loans are typically used to borrow higher amounts over a longer period of time. As with any loan, your individual circumstances will determine how much you are able to borrow, and for how long. Most lenders will make their decision based on your income, credit score and the value of the item that you are putting forward to secure the loan.
Unsecured loans are not dependent on an asset you own. You do not have to be a homeowner to apply.
Is it difficult to get an unsecured loan?
When applying for an unsecured loan you can normally expect to go through a strict credit checking procedure.
When applying for an unsecured loan with Loans 2 Go you can check if you’re eligible without impacting your credit score. If you are provisionally accepted and choose to proceed with your application you will undergo a full credit check.
At Loans 2 Go we consider every application on its own merit even if your credit history is less than perfect.
Does Loan 2 Go offer unsecured loans?
Our loans are available to both homeowners and tenants and are repayable over 18 months or 24 months. The rate and term you are offered will depend on your individual circumstances. Repayments can be made weekly, fortnightly or monthly, with no set up fee, and there is always the opportunity to repay your loan early.
To apply for an unsecured loan with Loans 2 Go, all you need to do is:
- Work out how much you can afford to borrow.
- Complete our eligibility form.
- If provisionally accepted complete the full application.
Once your loan application is approved we aim to transfer the money into your bank account the same day (subject to working hours).
Personal loans | 18 or 24 months
Life is full of ups and downs, and sometimes things just don’t go to plan.
£250 - £2,000
personal loans
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FAQ
At Loans 2 Go you can see if you’re likely to qualify for a loan using our eligibility checker. This is a soft search and will not impact your credit score. If provisionally accepted and you complete our full application then, as a responsible lender, we undertake credit checks to establish the loan is affordable.
Once your application has been approved, you will normally receive the money the same day, subject to our working hours. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures.
Representative example: If you borrow £550 over 18 months at a flat rate of 168% per annum (fixed) with a representative 679% APR you will make 18 monthly payments of £107.56, repaying £1,936.08 in total. The rate and term you are offered is dependent on your individual circumstances.
Warning: Late repayment can cause you serious money problems. For independent help, please go to www.moneyhelper.org.uk
