Secured & Unsecured Loans – £5000 loan
An unsecured loan is ideal if you’re looking for a £ 5000 loan – with an unsecured loan you can normally borrow from £250 to £25,000. With a secured loan you can usually borrow more.
What are the differences between a secured or unsecured loan for £5000?
The main difference is that a secured loan gives the lender a charge on your property (normally your house). So for the borrower this can be a risky option. If you are unable to pay the monthly instalments, your home may be repossessed. So this is the best option for borrowers who know they will be able to make the regular payments. This is not a good option normally for people who are already in debt to raise cash to pay off their bills.
A secured loan is often for a longer period (usually between 5 and 25 years) and often looks attractive due to a lower interest rate.
Unsecured or personal loans are usually for a shorter period, are not secured on your house or other property, but often have a slightly higher rate of interest.
One loan that doesn’t carry with it any monthly repayments is the Equity Release loan available to over 50s.
Quick Application
You can usually get your loan offer in minutes & the money in days.
Choose Your Repayment Period
Pay back over 6 months to save on interest, or 5 years to have low repayments.
Get a quote for a pay day loan.
See what kind of offer you can get – remember you are under no obligation to accept. If you are concerned about losing your job and being unable to pay, consider getting covered. Get yourself Endsleigh income protection today
TAKE CARE!
Always shop around and always read the small print. Never borrow more than you can afford to pay back.
Whatever your needs it’s worth shopping around.