The lenders tend to not insist on any collateral or protection for an unsecured loan. They have got a lot that could be in their favour, but additionally some things that are not . They can be pretty swift and easy to apply it does not take long to acquire the funds . This sort of loan is available to both property owners and non householders , that are working . Another bonus will be the straightforward fact the funds can be employed for any reason . On the down side , because the loan firms don’t possess any collateral to fall back on should you default , you are going to potentially pay bigger interest premiums than you would with a homeowner loan . The loan quantities obtainable are also significantly reduced , with the highest loan size being set at 10 thousand gbp .