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Unsecured Finance · Speed & Process

The Unsecured Finance 100.
Speed & Process

Focus: Timelines, applications, and the legal process.

20+Questions
100%Expert Answers
FCARegulated
How can I apply for an unsecured loan online?
TL;DR Learn how to apply for an unsecured loan online in the UK. We guide you through the process, from checking eligibility and required documents to receiving funds safely.
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Are credit cards considered unsecured loans?
TL;DR Yes, credit cards are a form of unsecured debt. Learn what makes credit cards unsecured, how they differ from secured loans like mortgages, and the risks involved in revolving credit.
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What should I look for in an online lender for unsecured loans?
TL;DR Choosing an online unsecured loan lender requires careful checks. Look for FCA authorisation, competitive APRs, transparent fees, flexible repayment terms, and strong customer reviews.
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What are the advantages of applying for an unsecured loan online?
TL;DR Discover the key advantages of applying for an unsecured loan online, including speed, convenience, and transparency. Learn how digital applications streamline the borrowing process in the UK.
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What is an unsecured loan for debt consolidation?
TL;DR Unsecured loans for debt consolidation allow you to combine multiple debts into one payment. Learn how they work, the benefits of simplifying your finances, and the risks involved in taking on new credit.
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What is the maximum term for an unsecured loan?
TL;DR Find out the maximum term for unsecured loans in the UK. We explain typical term lengths, why lenders vary, and how your credit profile and loan amount influence the repayment period.
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What is the difference between a short-term and long-term unsecured loan?
TL;DR Understand the differences between short-term and long-term unsecured loans. We explain key factors like repayment periods, typical interest rates, monthly costs, and suitability for different financial needs in the UK.
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Can I get an unsecured business loan?
TL;DR Looking for funding? Discover if you can get an unsecured business loan in the UK, how the application process works, and what criteria lenders look for regarding eligibility.
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How is a personal line of credit different from an unsecured loan?
TL;DR Discover how a personal line of credit (PLOC) differs from an unsecured loan in the UK. We explain the structure, repayment flexibility, interest charges, and eligibility criteria.
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What is an unsecured payday loan?
TL;DR Understand what is an unsecured payday loan, how it works, and the significant risks involved, including high APRs and short repayment terms. Learn about alternatives.
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How is a personal loan different from an unsecured loan?
TL;DR Confused about personal loans versus unsecured loans? We explain the key differences, common misconceptions, and how both types of borrowing work in the UK.
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What are the different types of unsecured loans available?
TL;DR Explore the different types of unsecured loans available in the UK, including personal loans, credit cards, and lines of credit. Understand the benefits, risks, and how they work.
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How do I compare unsecured loan offers?
TL;DR Learn how to compare unsecured loan offers effectively. Understand APR, total cost, fees, repayment terms, and eligibility before you apply. Make the best choice for your finances.
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How do I compare unsecured loans online?
TL;DR Learn how to compare unsecured loan offers online effectively. We cover eligibility, APR rates, comparison tools, soft searches, and hidden fees to help you make an informed borrowing decision in the UK.
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Are there any instant approval unsecured loans?
TL;DR Looking for instant approval unsecured loans in the UK? We explain why true instant approval isn't possible due to regulatory checks and credit assessments. Learn what lenders mean by "quick decision."
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Can I get an unsecured loan from a mobile app?
TL;DR Many UK lenders offer unsecured loans via mobile apps, allowing for quick digital applications and instant decisions. Learn how these apps work, the eligibility requirements, and the risks involved.
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How do I check the reputation of an online lender for unsecured loans?
TL;DR Learn how to verify an online lender’s legitimacy before taking out an unsecured loan. We cover FCA registration, customer reviews, terms analysis, and crucial red flags to avoid fraud and ensure fair borrowing.
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What are my rights if I can’t make my unsecured loan payments?
TL;DR If you struggle to make unsecured loan payments, you have rights. Learn about mandatory lender assistance, how to negotiate repayment plans, and where to get free debt advice in the UK.
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Can unsecured loan debts be sold to debt collection agencies?
TL;DR Unsecured loan debts can be sold to debt collection agencies (DCAs). Learn why creditors sell debt, your consumer rights under UK law, and how to manage the process effectively.
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Can I dispute an unsecured loan if I believe I was misled?
TL;DR If you believe you were misled into taking out an unsecured loan, you have the right to dispute it. Learn the steps, evidence needed, and how to approach the lender and the Financial Ombudsman Service (FOS).
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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