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Unsecured Finance · Advanced Hacks

The Unsecured Finance 100.
Advanced Hacks

Focus: Pro tips for experienced borrowers and complex deals.

19+Questions
100%Expert Answers
FCARegulated
Is debt consolidation a good idea if I have multiple unsecured loans?
TL;DR Considering consolidating multiple unsecured loans? Learn if debt consolidation is the right financial strategy for you, weighing the risks, benefits, and costs involved.
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Can I negotiate lower payments on an unsecured loan?
TL;DR Yes, you can negotiate lower payments on an unsecured loan, especially if facing financial difficulty. Learn how to approach UK lenders, necessary preparation, and potential credit file implications.
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What are the legal protections for borrowers of unsecured loans?
TL;DR Learn about the key legal protections available to UK borrowers of unsecured loans. Understand your rights regarding fair lending, affordability checks, complaint resolution, and data privacy under FCA rules.
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Are unsecured loans regulated in the UK?
TL;DR Yes, unsecured loans are strictly regulated in the UK by the Financial Conduct Authority (FCA) under consumer credit rules. Learn what protections you have as a borrower.
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Should I use an unsecured loan for emergency expenses?
TL;DR Unsecured loans can cover emergency costs, but careful consideration of interest rates and repayment capacity is vital. Learn the pros, cons, and alternatives.
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Can I get an unsecured loan to pay for medical expenses?
TL;DR Can I get an unsecured loan to pay for medical expenses in the UK? We explain how personal loans work for healthcare costs, what requirements lenders look for, and important financial considerations before borrowing.
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Can I get a fixed-rate unsecured loan?
TL;DR Unsecured loans typically offer fixed interest rates, providing stable monthly payments for the duration of the agreement. Learn how to qualify, compare fixed versus variable rates, and understand the benefits and drawbacks of this common borrowin…
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Are unsecured loans available for students?
TL;DR Are unsecured loans available for students in the UK? We explore the options, challenges, and alternatives available, including guarantor loans, student bank accounts, and budgeting strategies.
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How do unsecured loans compare to credit card debt?
TL;DR Compare unsecured personal loans vs. credit card debt. Understand fixed repayment terms, typical APRs, flexibility, and the long-term cost of borrowing. Make an informed financial decision in the UK.
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What are the risks of getting unsecured loans online?
TL;DR Understand the key risks of unsecured loans taken out online, including high APRs, hidden fees, and debt spirals. Learn how to borrow safely and responsibly in the UK.
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What are the risks of unsecured loans?
TL;DR Understanding the dangers of unsecured loans is crucial. Learn about high interest rates, credit score damage, debt management issues, and the impact on your financial future.
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Can I lose my home if I default on an unsecured loan?
TL;DR If you default on unsecured loans, creditors cannot typically repossess your home directly. However, they may apply to the court for a Charging Order, which secures the debt against your property. Understand the risks.
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What happens if I default on an unsecured loan?
TL;DR Defaulting on an unsecured loan in the UK can severely damage your credit file and lead to collection activities. Learn the precise consequences, from fees to County Court Judgments (CCJs), and how to seek help.
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Can I get an unsecured loan with bad credit?
TL;DR Struggling to secure finance? Find out if you can get an unsecured loan with bad credit in the UK, what alternatives exist, and how to improve your chances of approval.
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What are the legal protections for borrowers of unsecured loans?
TL;DR Learn about the key legal protections available to UK borrowers of unsecured loans. Understand your rights regarding fair lending, affordability checks, complaint resolution, and data privacy under FCA rules.
Read Full Article →
Are unsecured loans regulated in the UK?
TL;DR Yes, unsecured loans are strictly regulated in the UK by the Financial Conduct Authority (FCA) under consumer credit rules. Learn what protections you have as a borrower.
Read Full Article →
Should I use an unsecured loan for emergency expenses?
TL;DR Unsecured loans can cover emergency costs, but careful consideration of interest rates and repayment capacity is vital. Learn the pros, cons, and alternatives.
Read Full Article →
Can I get an unsecured loan to pay for medical expenses?
TL;DR Can I get an unsecured loan to pay for medical expenses in the UK? We explain how personal loans work for healthcare costs, what requirements lenders look for, and important financial considerations before borrowing.
Read Full Article →
Can I get a fixed-rate unsecured loan?
TL;DR Unsecured loans typically offer fixed interest rates, providing stable monthly payments for the duration of the agreement. Learn how to qualify, compare fixed versus variable rates, and understand the benefits and drawbacks of this common borrowin…
Read Full Article →

Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

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