Personal loans - what is an unsecured loan?

ADM Personal Loans for good or bad credit

Loans FAQ:

What is an unsecured loan?

These are loans which is not secured against the assets of the borrower. The lender has no rights to the assets of the borrower in the event of the borrower defaulting on repayments of the loan.

However, if the borrower does default, the lender may sue for repayment, which may in the end mean that the borrower must sell assets in order to repay the loan.

Because the lender has no security, the interest rate (APR) charged will almost certainly be higher than for secured loans.

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Rates from 9.9% APR. Variable Typical 17.9% APR
We also have a range of plans with rates up to 29.9% APR allowing us to help customers even with the most severe credit problems.
Consolidating debts may increase the term & total amount payable. Loans secured on property.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.