Main Menu Button
Login
Unsecured Finance · Rates & Costs

The Unsecured Finance 100.
Rates & Costs

Focus: Fees, interest rates, and the total cost of borrowing.

20+Questions
100%Expert Answers
FCARegulated
How can I apply for an unsecured loan?
TL;DR Learn the step-by-step process of applying for an unsecured loan in the UK. We cover eligibility, required documents, credit checks, and tips for improving your application success rate.
Read Full Article →
How do I avoid predatory lenders when seeking an unsecured loan?
TL;DR Learn how to spot and avoid predatory lenders when seeking an unsecured loan in the UK. We cover checking FCA registration, comparing APRs, understanding terms, and protecting your financial health.
Read Full Article →
Can I use an unsecured loan for business purposes?
TL;DR Discover whether you can use a personal unsecured loan for UK business purposes. We explain lender restrictions, regulatory rules, potential risks, and viable financing alternatives.
Read Full Article →
Can I use an unsecured loan for a wedding?
TL;DR Planning a wedding can be costly. Find out if using an unsecured personal loan is a viable option to fund your special day, covering the pros, cons, and essential financial risks involved in borrowing.
Read Full Article →
Can I use an unsecured loan for home improvements?
TL;DR Considering an unsecured loan for your renovations? Learn if this is the best finance option for UK home improvements, covering interest rates, eligibility, and alternatives.
Read Full Article →
Is there any collateral required for unsecured loans?
TL;DR Unsecured loans are fundamentally different from secured loans because they do not require collateral like your home or car. Learn how they work, the risks, and eligibility.
Read Full Article →
How does defaulting on an unsecured loan impact my credit?
TL;DR Defaulting on an unsecured loan seriously impacts your UK credit rating. Learn exactly what happens when you miss payments, how long defaults stay on your file, and steps to mitigate the damage.
Read Full Article →
Are there hidden fees with unsecured loans?
TL;DR Unsecured loans must disclose costs upfront under UK regulations. We explain common, transparent fees (ERC, admin) and how to spot genuinely hidden charges. (158 chars)
Read Full Article →
What happens if I can’t repay an unsecured loan?
TL;DR Struggling to repay your unsecured loan? Learn what happens next, from initial contact and credit file impact to potential legal action. Find out how to get help today.
Read Full Article →
Will an unsecured loan affect my credit score?
TL;DR Unsecured loans significantly impact your credit score, positively or negatively. Learn how application searches, repayment history, and debt load influence your UK credit file. (150 chars)
Read Full Article →
What are the most common reasons people apply for unsecured loans?
TL;DR Discover the main reasons UK residents seek unsecured loans, from consolidating debt and funding home improvements to covering unexpected costs. Learn about the benefits and risks involved.
Read Full Article →
Is it a good idea to use an unsecured loan for a holiday?
TL;DR Planning a getaway? Understand if using an unsecured personal loan for a holiday is financially wise. We explore the pros, cons, interest implications, and responsible borrowing alternatives.
Read Full Article →
Can I use an unsecured loan to consolidate debt?
TL;DR Learn how an unsecured loan can help consolidate high-interest debts in the UK. We explain the process, requirements, benefits, and potential risks involved.
Read Full Article →
Can I take out an unsecured loan for a car purchase?
TL;DR Considering an unsecured loan for your car purchase? Learn how personal loans work, the benefits, the higher risks compared to secured finance, and how to apply responsibly.
Read Full Article →
What can I use an unsecured loan for?
TL;DR Unsecured loans offer flexibility for various financial needs without needing collateral. Learn the common uses, from consolidating debt and funding home improvements to paying for major life events. Understand the benefits and risks involved.
Read Full Article →
How do I calculate my monthly payments on an unsecured loan?
TL;DR Learn how to calculate monthly repayments for unsecured loans in the UK. We break down the formula, explain APR, and show you how loan calculators work to budget effectively.
Read Full Article →
Are unsecured loans more expensive than secured loans?
TL;DR Unsecured loans typically carry higher interest rates than secured loans because they pose a greater risk to the lender. Learn why the collateral makes the key difference.
Read Full Article →
Can I extend the repayment term of an unsecured loan?
TL;DR Need more time to pay back your loan? Find out if you can extend the repayment term of an unsecured loan, what impact it has on total interest, and the alternatives available.
Read Full Article →
How fast can I get an unsecured loan online?
TL;DR Need an unsecured loan fast? Learn how quick the online application and approval process is, what factors delay funding, and what you can do to speed up getting your money.
Read Full Article →
Are online unsecured loans safe?
TL;DR Unsecured loans can be safe if you choose an FCA-authorised lender and understand the terms. Learn how to verify lender safety, spot scams, and manage the risks associated with borrowing online.
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.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

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

Website www.promisemoney.co.uk