Maybe I might have poor credit?
The terms unsecured and cheap cannot usually be used to describe the same loan. Usually in giving an unsecured loan a lender is taking a greater risk with you and will therefore charge higher interest. This may be about 2-5% more per annum than a secured loan for the same amount.
Unsecured loans for people with poor credit will almost definitely have very bd interest rates as someone with bad credit and low security you would pose the biggest risk for the lender.
Loans, especially for a person with bad credit are likely to be lower in value in the region of a few hundred pounds. This is another way that the banks limit their risk, when lending only small amounts at this risk level. If you need a bigger loan amount or a lower interest rate it will pay to shop around.
I may need a no credit check loan someday, it can be useful to do the research now to find the best value loan. You should seek advice from a qualified financial advisor.
