An unsecured loan is a loan that is not secured against any asset and is simply based on contract and trust. These loans are available from a wide variety of lenders, from high street banks to Internet only lenders. Unsecured loans are available to both homeowners and non-homeowners, unlike secured loans, which are only available to homeowners. However, in order to qualify for an unsecured loan you do need to have good credit, as the unsecured nature of these loans makes them too high a risk for most lenders to consider someone with a history of repayment problems.
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