Unsecured Personal Loans
Got an idea of what you want to do with your money, but not sure whether you need a secured loan or you should be looking for the best unsecured Personal Loan you can possibly find?
Asda only do unsecured Personal Loans of between £1,000 and £25,000 and our aim is to get you the best loan rate for your circumstances, but what’s the difference?
Representative 9.9% APR Variable
Rates from 2.8% APR
Representative example: A £5,000 loan over 60 months at 9.9% APR will cost £104.95 a month. Total amount payable £6,297.23. Annual interest 9.9% fixed.
Unsecured Personal Loans versus Secured Loans
The biggest difference between Unsecured and Secured Personal Loans is that the lender doesn’t protect an Unsecured Loan with any of your assets. Which simply means if you default on the loan, the lender cannot take your property.
Unsecured Personal Loans (which we do!)
- Usually a small, fixed rate loan for personal use
- Usually for amounts between £1,000 and £25,000
- Often used to finance car purchases or home improvements
- Amount you can borrow is based on your credit rating
- Lender doesn’t secure assets for your loan
- If you fall behind on payments, it could harm your credit rating
Secured Personal Loans (which we don’t do!)
- Usually larger loan amounts
- Typically sums over £15,000 and repaid over longer periods of 5-25 years
- Amount you can borrow and the interest rate depends on credit history, your assets and personal circumstances
- Lenders need security in the form of assets such as your home or deeds to a purchase