An unsecured loan is a type of loan that is not backed by collateral or any asset. This means that the borrower does not have to pledge any collateral, such as a house or car, to obtain the loan. Instead, the lender relies solely on the borrower's creditworthiness to determine if they will be able to repay the loan. Unsecured loans are typically granted based on the borrower's credit score, income, and other financial factors. Because they are not secured by collateral, unsecured loans usually come with higher interest rates compared to secured loans, such as mortgages or car loans.Moneybrain is authorised and regulated by the Financial Conduct Authority as a credit broker. We are not a lender. Moneybrain Advice Ltd is Authorised and Regulated by the Financial Conduct Authority in respect of mortgage and insurance advice (FRN 940441).
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