An Unsecured Personal Loan means that you do not have to be a homeowner to apply for one, and that if you are a homeowner, you do not have to secure the loan against your property. Despite this, some lenders will still give homeowners preferential rates as they are viewed as less of a risk than someone with no equity. They are also much more likely to accept your application if you own property.

An Unsecured Personal Loan can be used for any purpose you like, although it is worth remembering that most lenders will have special loans for specific purposes, like car loans or home improvement loans, so it might be advisable to see if the repayment terms and interest rates on these tailor-made loans are more suitable.