Do you know that an average credit card user in the UK spends in excess of £150,000 on plastic over the course of his lifetime? It’s really true. A recent study by the life assistance company CPP also found that regular purchases such as food or petrol, are now paid by credit cards by more than a quarter of those surveyed. The statistics also showed that the credit card spending levels were typically around £1,100 higher among men than among women over the period of an average year.

Credit cards are convenient to use but very expensive also. The credit card companies charge high interest rates from the consumers. The overdraft facility on your bank account may also involve many formalities. Besides, this method limits the amount that you can get on credit. So, if you want a loan that is independent and free from any requirement of collateral, you should look out for unsecured loans.

Unsecured loans offer you a plethora of advantages. You will find that cheap unsecured loans are much better than plastic money and overdraft facilities. The later form of borrowing money involves very high interest rates.

Unsecured loans can get you anything that ranges between £500 and £25,000. Lenders offer these loans for a tenure that may extend to 8-10 years. You can conveniently repay the loan in monthly instalments. Some lenders also provide unsecured loans despite your imperfect credit record.

Although the high street banks may not oblige you with bad credit unsecured loans but there are many sub-prime lenders in the UK where you have better chances of getting such a loan.

Unsecured loans are granted on the basis of your monthly income and repayment capacity. Your repayment record, personal circumstances, job status, home status and credit score plays an important role in this regard. If you have more positives than negatives, you can negotiate with a lender to get cheap unsecured loans.