The decision as to whether you seek a Secured or Unsecured loan is a personal one, and will depend on a number of factors. These will include how quickly the money is required (an unsecured loan is quicker), whether security is available and/or whether you want to provide security. If security is provided, a secured loan will usually be cheaper option that an unsecured loan.
Unsecured | |
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Pros | Cons |
Quick and Easy | PG’s required |
No charges or security | Slightly higher in Price |
Often no fees (legal etc.) | Amount available is limited |
Flexible |
Secured | |
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Pros | Cons |
Lowest price loans | Fee's |
No top end amounts | Security is required |
Two factors speed and cost
If security is available then it is the decision of the asset holder whether they are comfortable to provide this asset in support of borrowing, if so a loan would be secured with the understanding that if a loan is not repaid then the lender can take control and sell the asset concerned
The main two factors to also bear in mind are cost and speed, both loan structures have their pros and cons.
Unsecured loan |
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Secured Loan |
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