This is fine if you have an income, but if you have recently been employed in a new post or working freelance, the underwriting is going to be a lot tighter than before. Ironically even if you have a house with a lot of equity and a reasonable income, lenders are still nervous about drawing down supplementary mortgages. Other "back-street" lenders are charging dangerously high charges in one case 199.1% and advertised on this network. Actually under the Consumer Credit Act 1974, the figure is illegal because under the section covering Extortionate Credit Terms, the maximum a borrower can be charged is 50.1%. The contract is therefore voidable. Unsecured consolidation loans can also have hidden clauses which can mean there is a massive penalty for early repayment, or cannot be repaid during its course. The other danger is floating rate loans, which pretend to be linked to Base Bate but have a surcharge of say 5% on top of that, more than adequately covering their risk.