Jargon Buster - Definition of Unsecured Loans
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- Unsecured Loans
are loans that are not backed by collateral. Unsecured loans are only offered to borrowers with a good credit history and as they are quite a high risk to the lender, interest rates are usually higher. If an unsecured loan is not repaid, the lender cannot repossess the borrower's assets.
Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.
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