What Are Secured Loans?
A secured loan requires a borrower to put up something of value as collateral to protect the lender from the risk they take on in issuing the loan. Of course, this means that if the borrower is unable to make repayments, the lender may collect on the loan by taking ownership of whatever was used to secure the loan.
Is a Secured Loan Right for Me?
Secured loans are best used to borrow higher amounts over a longer repayment period. If you're looking for a larger loan, but have a short credit history or a bad credit score, a secured loan might be your best bet for receiving approval.
However, if you’re looking for a short-term loan of a smaller amount — or if you don’t feel comfortable offering up personal property as collateral — unsecured loans can be a better option. You may be able to receive the funding you need without risking the loss of your personal assets or property.
Unsecured Loans as an Alternative to Secured Loans
Because unsecured loans aren’t protected with any collateral or asset, the rates for the loan are typically higher than that of a secured loan. But because unsecured loans are typically for smaller loan amounts and repaid over a shorter duration, they can come in handy if you're in need of emergency cash, or for revolving credit (such as a credit card or line of credit).
What Does QuickQuid Offer?
QuickQuid offers short-term loans — up to £1000† for new customers and £1500† for existing customers — with flexible repayment options of 1, 2 or 3 repayment periods. Our loans are unsecured, and our process is straightforward. We carefully consider all applications, and if approved, cash is sent within 10 minutes after approval!§ To learn more about how our loan offerings work, please visit our How It Works page.
More About QuickQuid
Since 2007, QuickQuid has funded loans for more than 1.4 million people in the UK. We’re authorised and regulated by the Financial Conduct Authority and provide top-notch customer support seven days a week. We pride ourselves on responsible lending and customer security, and were nominated by Credit Today as an