Unsecured Loans FAQs

What is an Unsecured Loan?

A UK unsecured loan is a debt obligation which is not backed by the pledge of specific collateral unlike a mortgage where your house is collateral against the loan. People with bad credit may be eligable for this type of loan.

These loans differ from secured loans by the fact that they in theory provide less risk to the person taking out the loan due to the fact that their house is not used as insurance on their payments. Whilst this is true in theory, it is common that once someone who has taken out an unsecured loan defaults on their payments, they will have court proceedings taken against them and their home. This could in effect result in the loss of their home, turning what was once a less risk loan into a secured loan! Be extra careful to ensure that you can keep up the payments on these loans. Loan companies often act aggresively on payment defaulties to ensure the stability of their investment.

A Good Credit Rating And Credit History Are More Important With Unsecured Loans.

A good credit rating is perhaps the most important factor in determining the success of your loan application. Due to the fact that you are not legally providing your house as collateral. Loan companies need to see that you are a responsible citizen able to repay your debts. This is done in the form of a credit check where the loan company will see what is known as your credit score and thus your credit rating. This rating is based on many variables such as employment history, existing debts, how long you have taken to repay your bills in your lifetime and much more. Since unsecured loans are more difficult to get you will have to show a very good credit rating to be successful in your loan application.

Higher interest rates are the norm.

You will pay higher interest rates with these loans than you will with secured loans. This again is due to the increased risk of the loan company.

Unsecured Loan Applications Will Be processed more quickly.

Loan application for Unsecured Loans will be processed more quickly than for a secured loan. You will receive a reply and answer swiftly to your application and there is no risk or obligation on your part even after you submit the forms.

Minimum Advance £2,000 Maximum Advance £25,000

If you believe that you have little or no equity in your home, or if you simply would prefer an unsecured facility, you may obtain an Unsecured Loan.
CCC Financial do not charge up front fees for arranging this facility.

Processing Procedures :

The Underwriter will despatch to you their formal Application Form, the Credit Agreement, and a direct debit mandate. IT IS IMPORTANT THAT YOU CHECK ALL DETAIL ON THE FORMS, AND IF THERE ARE ANY ERRORS YOU SHOULD ADVISE THE UNDERWRITERS IMMEDIATELY.

Having checked, completed, and signed these documents (in some cases the forms may require witness signatures), you should now return the forms along with any other documentation requested by the Underwriters - normally pay slips or proof of earnings, utility bills - in the envelope provided to the Underwriter.

When all this documentation is received by the Underwriter, the Underwriter will submit this to the Lender.

The loan cheque(s) will normally be despatched to you within 3 working days.

The Underwriter requires that you call CCC Financial. and confirm to CCC Financial that you have received the cheque(s).

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