Unsecured Personal Loans

The following is a brief description of what an unsecured loan involves. Please read the all documentation thoroughly before signing any agreement.

 

What is an unsecured personal loan?

Unsecured personal loans are loans which are not secured against the assets of the borrower. The lender has no rights to the assets of the borrower in the event of the borrower defaulting on repayments of the loan.

However, if the borrower does default, the lender may sue for repayment, which may in the end mean that the borrower must sell assets in order to repay the loan.

Because the lender has no security, the interest rate (APR) charged will almost certainly be higher than for secured loans.

What is a » secured personal loan