Applied and was approved the same day. All online as well. Great service. Carl T - Burnley
Finally got my loan!
Tried a few companies and was unsuccessful. Glad I found you though, was approved in minutes. Simon H - Cambridge
Unsecured loans are ideal if you don't own your own property or only need to borrow up to £25,000 for one off smaller purchases and don't wish to secure a loan against your property. Depending on your credit status, employment history and salary will determine how much you can borrow and the APR of the loan and which lenders will be willing to provide you with a loan. If you require a larger amount and you own your own property a secured loan may be a better option.
We like to keep things nice and simple for our visitors so the process is nice and simple. Our form for unsecured loans takes 2 minutes to complete. Your application is then sent in real-time to our partner lender who will start to process your application immediately. As long as you have completed the form it's likely you will have a decision in principle within minutes and subject to final checks your money could be in your bank within 48 hours.
Unsecured loans can be used for a wide variety of things such as a new car, home improvements, holiday, debt consolidation or just an unexpected bill. Normally unsecured lenders do not ask you to prove what the money is going to be for although in most applications you will have to give an indication what you require the loan for.
The application process will take into account various factors and this will determine if your unsecured loan application will be successful along with the amount you are allowed to borrow and the APR if you have excellent credit history you will likely be accepted with a competitive interest rate but any late payments, defaults and especially CCJS will mean a higher much interest rate.
Benefits of an Unsecured Loan
If you need to borrow between £1000 and £25000 than searching for a lender that provides unsecured loans is the best route to take.
The benefits of opting for an unsecure loan means that it won't be secured on your property which can be a daunting idea for some people, however you should always be certain you can make repayments before entering into any loan agreement.
Unsecured loans can usually be arranged pretty quickly subject to checks and completing documentation. Which means if you need a loan quick an unsecured loan is an ideal option.
The best unsecured loans are the ones that are suited to your specific needs. As there are many lenders in the market it's important to choose the right one in order to get the best loan as not all will be a good fit. We work with various lenders to make sure we partner with the best loan providers in order to get the best deals and to ensure the right fit when it comes to recommending the right loan.
However we always recommend doing your own due diligence before taking out a unsecured loan.
Always choose a reputable lender when looking for an unsecured loan, a good place to start is to make sure they are authorised by the FCA. The lender or broker should have their number displayed on the website. There are certain websites / lenders that make claims of guaranteed loans with no credit check. Be vary of these as no lender will enter into a loan agreement without making sure the customer can repay the loan. This is called responsible lending.
Once your unsecured loan is agreed and you receive always make sure you stick to the repayments throughout the entire contract. This will help you build a strong credit file and increase your chances the next time you need to consider unsecured loans or any other finance.
What if I Have Trouble Repaying The Loan
Before deciding to apply for an unsecured loan you should always make sure look at your salary and outgoings to make sure you can comfortably afford to meet the monthly repayments. Ideally your repayments should be comfortably added to your outgoings and not be a case you struggle to make the payment each month. Most lenders follow a responsible lending program and will only accept you if they feel you can pay back the loan every month and by doing so will not cause you financial hardship.
Sometimes in life things happen unexpectedly such as job a loss or a repair bill which can cause issues when it comes to making your monthly loan repayments. If this happens it can be a worrying time, however the best thing to do is contact your lender and who will be willing to help with the situation. There may be a number of things they can do such as deferred or split payment but the sooner you contact them the quicker they can help.
As long as you keep in touch with your unsecured loan provider you will almost always be able to work something out to a satisfactory result. Remember though if you do default on your unsecured loan repayments it will be recorded on your credit file and may result in making it much more difficult to obtain credit in the future.
First Quality Loans is a trading name of First Quality Finance which is Authorised and regulated by the Financial Conduct Authority - Firm registration number 758281
Authorisation can be checked on the Financial Service Register at www.fca.org.uk. Licenced by the Information Commissioners Office, (ZA200642)