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An unsecured personal loan is a way of borrowing money without the need to provide collateral. It's normally possible to get an unsecured tenant loan for between £1,000 and £15,000 over a period of up to five years. Although banks largely control the market, peer-to-peer lenders are a viable alternative. The absence of security means that borrowers need to have a reliable repayment history. Lenders are far more careful who they lend money to since the financial crisis.

Best Buy Low Interest Unsecured Loan Rates

According to the Daily Mail, the average APR on unsecured tenant loans now stands at 12.4%. This is despite the fact that the Bank of England has set base rates at an historic low of just 0.5%. The rate was just 7.6% in 2006. This dramatic rise in interest rates reflects the greater risk of default due to unstable employment prospects. As the economy starts to improve, expect industry competition between providers to help bring down rates to a more acceptable level.

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