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Best Unsecured Loans Companies - Choosing a Cheap Unsecured Loan - Finding The Cheapest Unsecured Loan

Information on Unsecured Loans
Unsecured loans are probably the most well-known and popular of loans in the UK. Loan companies provide unsecured loans to people for a wide variety of reasons, for example a loan to buy a new car or a used car, a home improvement loan (to finally get that new extension done), a wedding loan to cover the costs of your big day, a loan to take your family and loved-ones away on holiday, or perhaps it’s a loan to buy a new computer or television.

Unsecured loans are not secured against any type of property or asset, therefore the lender needs to be happy that you are going to pay them back, because if you don’t they cannot simply come and pick up the assets you’ve agreed rights over if you stop paying. The loan company therefore does credit searches on you to see what type of person you are – if you have been paying your bills on time, if you’ve missed any payments, and if you’re classed as a safe risk. They will then use all of this information to decide whether or not to loan the money to you.

If you have missed payments in the past with other companies or have a poor credit history, you may find it difficult to get accepted for an unsecured loan because the lender may feel you are too high a risk for them to lend money to.

Finding The Cheapest Unsecured Loans in Great Britain
There are lots of unsecured loans companies around Great Britain, so if you have a good credit score then you should have plenty of choice, allowing you the pick of the bunch and the lowest rate loan. To find the lowest rate unsecured loan, try some of the providers listed above – these are specialist unsecured loans providers and comparison services who are all keen to secure your business, especially if you have a good credit rating and are therefore a low risk to them.

Many of the unsecured loans providers in Great Britain (GB) run various promotions from time to time to undercut their competing loans companies and attract you to them instead. Shop around to see the special offers, on top of the low APR rates some loans companies offer up free gifts or vouchers to spend at popular high street shops as an incentive to apply for an unsecured loan through them. Remember however, that most of these offers are normally only available to good credit customers and are generally only offered by unsecured loan providers who accept and grant loans to only the very best credit customers. So if you’ve paid all your bills on time and have a clean credit record, see it as a little reward for all the times you’ve made sure that gas bill or phone bill on your kitchen table got paid on time!

As there are so many unsecured loans available in Great Britain, there is a great selection to choose from, and because there is so much competition it bring the rates right down - great for you as the customer shopping around for an unsecured loan. Do remember to read the small print for the unsecured loan you are considering – see if there are any penalties for paying it off early, etc. Consider speaking to your bank as well for an unsecured loan quote – the banks specialise in unsecured loans and if you already bank with one of them they have the best insight into your credit and daily spending habits already. Their unsecured loan APR rates are generally quite competitive against the specialist unsecured loans companies too, so they are still well worth a look.

Also remember, whilst the APR rate may not generally be negotiable, you should always ask for a favourable arrangement fee or a discounted/waived arrangement fee. Compare unsecured loan arrangement fees and see which is more favourable – two providers may offer the same loan rates, but one may have a more expensive arrangement fee. In that case, play the two unsecured loans companies off against each other, they will both want your business and one of them will normally be happy to reduce or waive the arrangement fee in order to secure your business and arrange the unsecured loan for you.

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