Is a unsecured loan Safe?
Unsecured loans from a reputable lender are safe. Unsecured loans are so-named because they don't require collateral; if you don't pay, rather than losing something like your house or car, your credit score will drop, impeding your ability to qualify for low-interest credit in the future. ...
How much can I borrow on an unsecured loan?
Typically, unsecured personal loans are for borrowing anywhere from £1,000 to £50,000. When you apply for a loan, how much you are able to borrow will depend on your credit rating, which lenders will use to help them work out how likely you are to pay the loan back.
What happens if unsecured loan is not paid?
Legal Action or foreclosure
In the case of an unsecured loan, the lender generally charges you a late fee. However, even in the case of an unsecured loan, the lender requires a personal guarantee or a lien to your business assets. Therefore, on further failure, the lender can file a lawsuit against your business.
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