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On the other hand, due to the lack of financial security for the loan company, with some unsecured lending, you could pay a slightly higher APR than you would for a secured loan.
Unsecured loans are seen as more compatible for people who don't want to borrow large amounts - usually an unsecured loan may be up to £25,000, but each loan company has its own limit as to how much they will allow you to borrow.
Just like secured loans, they can be used for almost anything (with some restrictions) and the period of time needed to pay back the loan is chosen by you. Usually, the period to pay back the loan will be quite flexible, between 6 -120 months, so it is essential that you do your homework prior to commitment and see exactly how much you can afford to repay each month.
Since the lending criterias are different when applying for an unsecured loan as opposed to a secured loan, you could have more difficulty getting an unsecured loan. However, more often than not, there are understanding unsecured loan companies who will do all they can to facilitate an unsecured loan.
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