Unsecured Loans
In practice unsecured loans (aka Personal Loans) can be a good debt solution depending on the rate of interest you currently pay on your existing debts. In the past rates were generally higher than secured loans but rates have dropped recently to the extent that some personal loan rates now rival standard mortgage rates.
However, lenders calculate interest rates in different ways so it's important to check how much a loan will cost you in actual pounds and pence. Don't just look for a low Annual Percentage Rate (APR) - find out the Total Amount Repayable (TAR) as well. This will tell you the true cost of your borrowing.
To understand more about Unsecured loans also see:
Criteria
Considerations
Costs
Merits
Our FREE Credit Report will tell you which solution may be best for you.