Maybe I might have gotten bad credit?
The terms unsecured and low rate cannot usually be used to describe the same loan. Usually in giving an unsecured loan a bank is taking a greater risk with you and will therefore charge more interest. This could be about 2-5% more per annum than a secured loan for the same amount.
It may be harder for a person unemployed or a good income to obtain an unsecured loan as you do not have a means to repay the loan. If you also have bad credit, your chances or obtaining this loan are going to be even less.
Loans, especially for people with poor credit are likely to be lower in value in the area of a few hundred pounds. This is another way that the banks can limit their risk, when lending only small amounts at this high risk level. If you need a bigger loan amount or a less interest rate it will be beneficial to shop around.
When you need a unsecured loan bad credit, it will be useful to do the research now to find the best rates. You should always seek advice from a qualified financial advisor.
