Unsecured Loans

Unsecured loans allow you to borrow money without using any form of security or collateral such as your car or home to be approved. 

 

This means that your eligibility is based on factors such as your income and credit score – and if your loan is not repaid, the lender cannot repossess or take anything away from you.

 

Unsecured loans are ideal for borrowing small amounts like £500, £1,000 or £2,000 – and with the checks usually automated, the turnaround times are impressive, with The One Stop Money Shop offering fast decisions and same day funding if approved before 3:30pm today.

 

Our entire application is online and there are no fees for applying. To check your eligibility, simply click on the ‘apply now’ button below.

 

-Borrow £400-£2500

-Repay over 6-24 months

-Equal monthly instalments

-No security, collateral or guarantor required

-Tenants approved

-Fully online application

-Bad credit considered

 

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unsecured loans

12 Month Unsecured Loan Repayment Example

 

Representative Example: £500 loan repayable over 12 months, £81.25 per month, total amount payable £975.00. Representative 295.60% APR fixed

What is an Unsecured Personal Loan?

An unsecured loan means that a borrower can apply for a short term loan or long term loan without needing to put down their home or car as security, or needing a guarantor.

 

The approval and amount they can borrow is based on various factors including:

 

-income

-employment

-credit score

-affordability

 

Unsecured loans are also known as personal loans – and they can be used for any purpose, whether it is paying bills, pressing emergencies or home improvements. 

 

Once approved, the funds are transferred in full to the borrower’s bank account and repaid over time in monthly instalments, with interest added, until the entire loan is fully repaid.

What Are The Benefits of Unsecured Loans?

No security required – You do not have to use any security such as your home to be eligible. This allows for a faster application process and means that your property is not at risk if the loan repayments do not go as planned.

 

Quick decisions – With unsecured personal loans, the decision process is mostly automated and you can receive an pre-approval or indicative quote shortly after applying. In some cases, you may be asked to provide proof of income or employment.

 

Same day funding – With no security required, there is no need to wait for property valuations or delays from solicitors. It is therefore possible to get unsecured loans on the same day of applying.

How is an Unsecured Loan Different From a Secured Loan?

The main difference between unsecured and secured loans is that no security is required to be eligible. 

 

With unsecured loans,the eligibility is based on just a few factors such as your income and employment and therefore the application can be processed much faster and is typically automated.

 

With secured loans, you are using security such as your car, van, home or flat and the value and condition of this asset will determine your eligibility and how much you can borrow. 

 

Crucially, whilst the loan is live, the lender temporarily owns this asset (or part of it) and releases it once the loan is fully repaid. Or if the loan is not repaid, they may be able to repossess the entire asset (or part it) to recover their funds.

 

Overall, unsecured loans are used for borrowing smaller amounts such as £500-£2500 for individuals (or up to £50,000 from mainstream banks). With secured loans, depending on the asset, borrowers can access several hundreds of thousands or millions.

 

 

  Unsecured Loans Secured Loans
     
Security Required No Yes
Amounts Up to £50,000 Up to Millions
Application Speed Fast – Same Day Slower – 1-2 Weeks
Bad Credit Considered Yes Yes
Repossession Possible No Yes

Why Use The One Stop Money Shop as Your Unsecured Lender?

Receive payment upfront – We can provide your loan upfront and send it to your bank account in one lump sum. This can be used to pay for any pressing bills immediately or any other important purchase.

 

Trusted – We are fully authorised by the FCA (registration number 713424) and thrive to maintain the highest standards for our customers. We have been trading since 2002 and have consistently upheld the best practices for treating customers fairly.

 

Flexible repayments – You have several months to repay your unsecured loan, with the choice of 6,12, 18 or 24 months depending on how much breathing space you would like. You can always contact us and change the terms of your loan if you would like to make it shorter, make overpayments or repay the entire loan early.

Are You an Unsecured Loans Direct Lender?

Yes, We are a direct lender which means that we will process your entire application from start to finish.

 

You can have peace of mind that we will be your only source of contact through the entire loan journey. 

 

There are no other brokers or introducers involved and your loan process will be fully transparent.

Do You Offer Unsecured Loans With Bad Credit?

Yes, we offer unsecured loans for bad credit histories, so even if you have had the occasional missed payment in the past for things like credit cards and loans, this will not impact your ability to get approved for a future.

 

However, to be eligible, you must meet the criteria which includes being employed, earning a regular and stable income and being able to meet monthly repayments on time. Provided that your financial position is getting better and not worse, you can still be considered for a loan, even with bad credit or a previous CCJ.

What Is The Criteria For an Unsecured Loan?

To apply for a CCJ loan, you need to meet the following criteria:

  • Age: You must be over 25 years old.

  • Residency: You should be a full-time resident of the UK

  • Employment: You need to be employed either full-time or part-time

  • Affordability: You must be able to afford the monthly repayments and make repayment on the scheduled date

  • Banking: You must have a valid UK debit account for funds disbursement and repayment collection

  • Contact Information: A working mobile phone number and email address are required for loan verification and communication purposes.

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Complete a quick Online Application in just 5 minutes for instant provisional approval.

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    Quick and Easy Application

  • ccj

    Bad Credit & CCJ loans considered

  • reliable

    Direct, Reliable Lender for over 18 years

  • montly-payments

    Flexible repayment terms

How To Apply Online

 

  • Complete The Application Online

    Our entire process is online and can be completed by desktop, laptop, mobile or tablet 24 hours a day, 7 days a week.

  • Important Information

    We require you to complete some basic details including your name, address, DOB, contact details, income, expenses, the amount you would like to borrow and how long for.

  • Underwriting and Approval

    We review your application and make sure that it is the right fit for you, including the loan amount and rates offered. Whilst a lot of our processes are fast-tracked, we may request a phone call or proof of income and employment to process your loan application further.

  • Loan Agreement and Transferring of Funds

    If your application is approved, we will send you a clear and transparent loan offer with all the necessary terms and conditions. All the information you will receive is electronically sent by email and SMS and can be signed online. Take your time to read it carefully before you sign it. Once you sign the agreement, the money will be sent directly to your bank account, usually within the same day or next business day.

Ready to Apply?

It takes less than 5 minutes, and you’ll get a fast loan decision. If approved, we can usually pay the money into your account the same day*. We’re a direct lender not a broker, so our loans don’t require any security to approve.

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No Obligation. 100% Secure

Frequently Asked Questions

How Fast Can You Transfer Funds?

We can offer same day loans or funding within 24 hours for any loans approved before 3:30pm on a work day.

If you have applied on a weekend, we will do our best to complete your loan as soon as possible and this could be on the next working day.

Do You Accept Guarantors?

No, we do not require or accept guarantors, our loans are completely unsecured.

Do You Run Credit Checks Prior To Approval?

Yes, we will typically run a series of credit checks using Equifax prior to funding and approving a loan.

We are willing to consider customers with bad credit scores but they should have steady employment and regular income in order to make repayments on time and avoid falling into financial difficulty.

Do You Offer Unsecured Loans With No Credit Checks?

No, we will always run credit checks to ensure that a candidate is suitable for one of our loans.

There are alternatives available where no credit checks are required such as secured loans or logbook loans, which use security but these carry risks if not repaid on time. If you need professional advice or debt help, you can speak to charities such as StepChange or Citizen’s Advice Bureau.

Can You Use Unsecured Loans To Pay Off Other Debts?

Yes, you can use our loans to consolidate or pay off other debts, such as car repairs or household bills.

We do not encourage using our loans to help pay off other loans since this can create a dependency on using loans and credit to stay on top of debts.

With My Credit Score Impact The Rate That I Am Charged?

Yes, typically those customers with good credit may be able to access lower interest rates and be able to borrow higher amounts.

If you have a bad credit score, the interest you are charged may be a little higher than average to manage our risk.

Will My Property Be Repossessed if I Cannot Repay?

No, because the loan is unsecured, the lender has no claim in your property or any assets. The only outcome will be late fees and a negative impact to your credit score.

If you are having financial difficulty, we encourage you to speak to our team as early as possible so that we can offer assistance.