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Homeowner Loan Quotes :::: Unsecured personal loan UK

Unsecured Personal Loan UK

Get The Best Unsecured Personal Loan UK Online

Without doubt, the most flexible type of Loan, is the unsecured personal loan.

But, because there is very little that lenders can do - beyond registering a County Court Judgement against anyone who fails to honour their agreement, it's also the most risky as far as lenders are concerned.

Consequently, the interest rates actually offered on unsecured loans tend to be somewhat higher, repayment periods shorter and amounts lent lower than other less risky loans.

Although there can, on the face of it,  be some very attractive deals to be had. That is, if you have a good credit history and your personal profile communicates dependability - be warned, you may only discover that you don't qualify for the promoted rate after you have applied for the facility and had a search registered against your name.

And be warned that customers who make multiple loan applications, just trying to be offered the advertised rate, can appear to be desperate to lenders, who can see that many applications have been recorded on a central database and this can make them wonder whether every other lender has rejected this applicant - and perhaps with good reason.

Also, unsuspecting members of the public could be making a costly mistake by using loans from high street lenders to purchase their cars. Particularly when you consider the cost of replacing stolen cars, which were purchased in good faith.

 Combine information from the Government’s Car Theft Index and HPI (a company specialising in providing information about used vehicles) which reveals that potentially as many as 1 in 3 cars have some form of ‘hidden history’ and you’ll realise people using unsecured loans are missing out on valuable ‘built-in’ protection of HP. 

  • Over 7 million vehicles in the UK are registered with HPI as having a finance interest (can potentially be repossessed by the finance company if repayments on an outstanding agreement are not met).
  • Over 600,000 UK registered vehicles are currently recorded as being stolen.
  • Government statistics (Car Theft Index) forecasts that up to half of all stolen cars are never recovered. Although some may be found burned to bits, and some exported, Possibly as many as 150,000 each year are sold-on to people ‘looking for a bargain’.
  • 600,000 insurance write-offs are recorded per annum, adding to a total register of over 7 million.

When buying your car on HP, you are effectively buying it from the finance company, so they have a vested interest in ensuring that they only do business with tried and trusted suppliers. The dealers used therefore tend to be independently verified, reputable companies.

 Plus, with HP you are protected against your new car being worth considerably less in years to come than what you still owe because finance companies are less likely to approve facilities where customers are borrowing significantly more than the value of the asset.

 And dealers can offer customers a wide variety of Payment Protection Plans (including those who are self-employed) covering repayments against unemployment, accident, life and Sickness risks.

These are offered by unsecured direct lenders, but the small print of the ‘one size fits all’ policies could potentially trip some people up in the unfortunate event of needing to make a claim. For example, if you are self-employed, does your PPP cover you in the case of unemployment?  

In addition, if your car gets stolen a month after you bought it, is your insurance company going to pay fully for this? Gap insurance covers the difference in what your insurance company will pay and the amount outstanding on your vehicle and often this is only available when taking out a dealer introduced facility.