Compare £15,000 Unsecured Loans

A £15,000 unsecured loan is a loan taken out from a financial provider that does not have to be taken out using collateral as security. Instead it is primarily based on a borrower’s creditworthiness and their ability to pay back the loan over a specific term. A number of lenders offer loan arrangements for £15,000.

When taking out a £15,000 unsecured loan, you will notice that you may be required to take out a higher level of interest compared to a secured loan. This is because you are not providing an asset as collateral as security against the loan, such as the equity in your home. Unsecured borrowing can be as high as £50,000, although most commonly offer up to £25,000.

Having no collateral does entail higher risk for a lender, so a higher interest rate is typically the way your lender compensates for this. When researching lenders, make sure you know what you can afford to pay, so you avoid missing any future payments or being unable to pay what is required of you over the arranged term.

Despite higher risk, you are usually given greater flexibility with an unsecured loan, especially with regard to the length of time you wish to pay the loan back over, which is agreed at the outset. You can negotiate this with a lender, to ensure no nasty surprises when it comes to payments. A term loan will fix your repayment plan into monthly instalments, at a pace suited to you. If you need to extend this period, then speak with your lender as soon as possible to see whether your loan can be adjusted. Some lenders might be accommodating while others may be less so.

Lenders require commitment and willingness to settle debts, but if you find yourself struggling to meet your repayments on your £15000 loan, it’s important to speak to your loan provider as soon as possible rather than leaving the problem to build up, which could result in serious money problems.

With unsecured loans, as there is no collateral to offset the debt, the lender will look entirely to the borrower to find a method to repay the loan.

Yes. Late or missed payments can result in your credit rating being damaged – these are known as defaults. If missed payments continue there are various stages the lender will go through to attempt to recoup its loss, which could end up with an application to the courts, who may in turn penalise you with a County Court Judgement. This would show on your credit file for 6 years and significantly restrict your ability to gain any form of credit during that time.

As well as doing damage to your credit rating, failure to repay your £15,000 unsecured loan may result in sequestration or bankruptcy. Your lender might even choose to hand the responsibility of resolving the issue over to a debt collector, who will make contact with you directly to settle the debt.