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How to compare unsecured loans

Before taking out an unsecured loan you must understand what exactly unsecured loans are. Unsecured loans simply mean that you put nothing up as collateral and the financial institution that lends you the money simply depends on you paying back the loan in a responsible and timely manner.

Unsecured loans are typically taken out by individuals for personal use. Such loans can be used for school, for cars, homes or whatever else. Because such loans have no backing, the interest rates are often more expensive.

Consider your credit. It is important to remember that when you compare unsecured loans, you absolutely must take into account your own credit score. Do you good or bad credit? Do you have credit at all? If you do not know you, you can do credit checks with financial institutions online for no cost at all or for very cheap.

Look at the interest rates. So the best way to compare unsecured loans is to look at which ones offer the best interest rates and the most flexible options for paying back the loan. The interest rate is the most important, but do not compare unsecured loans solely off of interest rate.

Consider other factors. The length of loan, customer service, repayment options and other factors should be analysed.Analyse the top unsecured loans in the UK. Here is a list of the top three unsecured loans:

Alliance Leicester: Loans up to £20,000 at a 6.3% annual interest rate and a loan length of one to five years. (alliance-leicester.co.uk)

Sainsbury Finance: Loans up to £15,000 at an annual interest rate of 6.3% and a loan length of four to five years. (sainsburysbank.co.uk)

Nationwide: Loans up to 20,000 at a 6.4% annual interest rate and a one to five year loan length. (nationwide.co.uk)

Compare unsecured loans from the top providers by getting quotes from three to four of them. Choose the institution that gives you the best deal.

 

 

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