It might be a new vehicle, a dream holiday, renovating your house or urgent repairs. Whatever you need a loan for, we can help and we can do it fast!
Our friendly team is here to guide you in making the right decision when deciding on a personal loan, call and talk to us today.
- What is an Unsecured Personal Loan?
- An unsecured loan is when a customer is able to borrow less with higher interest rates, with no security or collateral is required.
- What is a Secured Personal Loan?
- A secured personal loan is when a customer can borrow more, with lower interest rates, with secured against your assets.
Unsecured Personal Loans
With unsecured loans there is no need for the borrower to provide security or collateral for a loan, instead, the loan is given at higher interest rates and usually smaller amounts. This means you pay more for the loan and you can borrow less, which is some cases might be suitable for people with no assets or security to offer for the personal loan.
Secured Personal Loans
A secured personal loan is different as the borrower offers to provide security with an asset, such as a car or property, this gives the lender assurance the loan is going to be paid and allows them to lend larger loans amounts and better interest rates. The security or collateral allows the borrower to get a larger loan, at a reduced cost making this a good option for some people depending on their situation.
If you need a personal loan but are unsure if you need a secured or unsecured loan then pick up the phone and call the friendly team at Alternate Finance, we can give you all the information you need to stay well informed about personal loans. We can also process your loan application fast allow you to get access to your loan quickly, so call us today.