Unsecured or Secured Loans
Loans are a big financial commitment requiring the borrower to commit a proprtion of their monthly income to pay off the money borrowed. Therefore it is important to know exactly what type of loan is best for you and your situation. There are 2 types of loan we are going to outline in this article, unsecured and secured loans.
Secured Loans mean the loan is secured against an asset you own, normally your home. It is usually possible to borrow larger amounts with a secured loan, borrow over a longer period and often the interest rates are lower. The disadvantage to a secured loan is if you fail to repay the loan the lender has the legal right to take possession of the asset you secured the loan on. You will need to be a homeowner to get a secured loan through Rainbow.
Unsecured loans are loans where you don't have to provide security such as you home. As there isn't the security provided with secured loans, rates are often higher and borrowed amounts tend to be less. However, it does mean the bank cannot take your assets should you not repay.
If you are looking for a loan, whether it be a secured or unsecured loan then look no further than Rainbow. We have the cheapest rates available and only use the top lenders from the UK. Complete the form and an advisor will call you back.