A large number of people in UK today rely on unsecured loans. With the expenses rising each month due to inflation, people find it difficult to handle their monthly expenses. If they come across certain unforeseen expenses out of the blue like car repairs, urgent bill payments etc, it becomes even more difficult for them to manage their expenses.
At times like these, an unsecured loan can be quite helpful. Unsecured loans are mainly considered by those who require a smaller loan amount for a short period of time. These loans are mainly popular with tenants and non-homeowners and sometimes even by homeowners that do not want to offer their home as a security.
Unsecured loans by Abbey
Abbey is one of the key players in the unsecured loan market in the UK. The company offers personal loans of all kinds for several purposes. The funds which are offered by the company can be used for any purpose like repairs, car replacement, debt consolidation, travel etc. Those who already have an account with Abbey would be able to apply for these unsecured loans online while new borrowers can apply over the phone. The loans that are offered by the company are available to those who are UK residents, have an account with Abbey and can fulfil the eligibility requirements of the company.
Features of the Abbey loans
The company offers unsecured loans starting from GBP 1000 to 25,000. The repayment term offered by the company ranges from one to eight years depending on the loan amount. The typical APR offered by Abbey is 7.9% which is quite competitive currently. Borrowers can opt for a direct debit option for loan repayment. Other than the unsecured personal loans, the company also offers loans for several other purposes like their Green loans which are for those who want to make their home environment friendly, Additional Loan which is available at variable as well as fixed rate
The unsecured loans offered by the company are offered at an attractive rate which is one of the main reasons why so many borrowers are attracted to their offers. Also, unlike most other loan companies today that offer loans up to GBP 14,999, Abbey offers unsecured loans of up to GBP 25,000 which can be used for various purposes and requirements where higher amounts would be needed. With an Abbey loan, you would not be required to pay a set up fee which can be a potential saving.
Borrowers who already have an account with Abbey would be able to enjoy several additional benefits which are offered exclusively to members. While on the surface, the unsecured loans offered by Abbey do not look much different than the loans offered by any other loan company today, Abbey does offer some innovative loan solutions to borrowers and a higher loan limit.