Compare £25,000 Unsecured Loans

Unsecured loans are personal loans. You might find yourself in a position where you require £25,000 but lack assets or collateral. Unsecured loans don’t require collateral, so they are often popular options for people who aren’t homeowners but still require a loan of this amount, for example. Alternatively, you may not wish to use an asset you have, and an unsecured personal loan is one of your options.

The more money you borrow with an unsecured loan, the higher the requirements of the borrower. £25,000 unsecured loans are some of the largest unsecured loans most lenders will be willing to offer. Any higher, and a lender will require you to take out a secured loan, using an asset as collateral to secure the loan against. Due to these factors, taking out an unsecured loan for £25,000 won’t be as easy as taking out a loan for a smaller amount.

Typically, to take out an unsecured loan as high as £25,000, lenders will expect you to have a high credit score. A poor credit score, resulting from an inability to repay a sum of money in the past, will make it difficult to secure an unsecured loan, let alone one as high as £25,000. Your lender will expect you to be capable of handling repayments without difficulty, and if you can’t ensure this, you will be deemed too risky to lend to.

Before applying for a £25,000 unsecured loan, you should be absolutely be sure you can afford to repay it. On top of the loan itself, interest will be included, and this can vary from lender to lender. The longer-term loans will accrue more interest than shorter ones. Get a quote from your lender of choice, to fully understand the repayments and total cost of borrowing.

You may find you have enough fund to allow you to make early repayment on your £25,000 unsecured loan. This may incur extra costs for you, as some lenders charge early repayment fees. Early loan repayment fees can also vary from lender to lender, so make sure to ascertain what their policy is, in advance of agreeing to any unsecured loan.

The size of this loan will limit you on types of borrowing you can use. It will also be determined by your personal circumstances and how long you wish to borrow for. You may wish to research secured borrowing options as well as unsecured.

This depends on the lender. If you are making an unsecured loan application digitally, and provide all the necessary details, such as credit history and any personal information required by the lender, you may have access to funds within a matter of hours. If you require physical documentation, it may possibly take a few days to be processed and for the funds to be available.