Unsecured Loans
Unsecured loans are loans do not require any form of collateral. This is because the credit quality and financial status of the individual is good enough for the lender to extend credit without collateral such as your home. Unsecured loans are usually limited to £15,000 or £25,000 with special approval.
It is also often the case that repayment periods are shorter than is the case with secured loans. Research shows that the average person has around £4,000 of unsecured debt to their name.