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An unsecured loan can be easier than you think to arrange, check out the rates and compare providers.

An unsecured loan is not backed by collateral or security, and hence represents greater risk to the lender. The lender may require a co-signer on the loan to reduce their risk of loss should you stop paying. If you default an unsecured loan the co-signer will be held responsible for repayment and have to pick up with the payments where you left off so think carefully before asking someone to act for you in this way.

Unsecured loans are generally offered at a higher interest rate thank secured loans due to a greater risk of financial loss to the lender in the event of a default as the lender would have to undertake costly court proceedings to start to recover the outstanding amout from your assets, don't think just because it's unsecured that you can get away without paying in the event of difficulty as the lender will simply file to recover from your assets the outstanding amount.

It may be better to take a secured loan out if you have a property as the rates for secured loans are lower due to being secured by an asset.

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