If you need a loan to finance something comparatively inexpensive, such as a holiday somewhere exotic and warm, or a new car, or even to re-carpet the house, you will probably compare unsecured loans to find the one that suits you best of all.
It is not written in stone, but generally speaking, a loan that is for something costing less than 25,000 should be financed by an unsecured loan, and anything costing more should probably be financed by a fully secured loan.
As its name suggests, an unsecured loan is one that has no secure backing, such as your house, to guarantee repayment. Instead, the lending institution, a bank or building society, will look at your credit history and you current earnings. They may also check up on your employment record to see how stable your work history has been. Someone who is constantly getting a new job does not inspire confidence to any lender.
If you have a poor credit rating you may find it hard to get an unsecured loan. But lenders are increasingly starting to recognize that such people are not necessarily the really bad risk they may appear to be on first sight. Many institutions are now offering those with poor credit...
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