Debt consolidation via unsecured loans

Unsecured debt is debt that is unsecured against an asset such as credit card, overdraft, store card, and includes personal unsecured loans.

Many people use an unsecured loan to raise additional funds such as home improvements, purchasing a new car or to consolidate other unsecured debt.

Roughly 150,000+ households re-finance and consolidate their debts every month with the vast majority of these being unsecured.

Choosing an Unsecured Loan instead of a Secured Loan?

The main problem with a secured loan is that you are securing against an asset such as your home or car. Therefore the asset is at risk if you fail to repay the loan. Many borrowers prefer to take out an unsecured loan even though it is often more expensive to borrow money in this way.

If you are struggling with your current level of unsecured debt, then you may consider debt consolidation which can reduce your monthly debt repayments without further borrowing.