Admiral Money

What’s the difference between a Secured and an Unsecured Loan?

Unsecured Loan

An unsecured loan isn’t guaranteed against anything. However, not keeping up with your payments can negatively impact your credit score.

Secured Loan

A secured loan is guaranteed against an asset. A mortgage is a secured loan, for example, as it’s guaranteed against your house. If you don’t make payments, the lender can take back your home.

Representative example

The rate we offer depends on individual circumstances. The interest rate will vary too depending on financial circumstances and the loan amount. All loans are subject to status, and debt consolidation is no different.

Representative Example: Borrowing £10,000 over 60 months with monthly repayments of £232.53. The total amount repayable will be £13,951.80. Representative 14.9% APR, annual interest rate (fixed) 13.97%.

Three steps to an Unsecured Loan

1. Get your quote

Get a quote specific to you with no impact on your credit score.

2. Submit your application

You may need you to upload documents (like payslips and bank statements).

3. Sign your agreement

Sign on the dotted line to receive your money within three working days.