Category Archives: Loan Tips
Guaranteed Unsecured Loans, A Good Idea?
Guaranteed unsecured loans are meant to speed up the process of finding approval for people with a bad credit history, but are they a good idea?
The first thing you need to understand is that lenders offer you interest rates based on the level of risk the lender feels they are taking.
The conditions of these offers are already a higher risk, without the added promise of approval for all. See, a secured deal gives the lender some form of collateral in the case that you fail to make your payments, and because the lender has this assurance they offer you, the customer, a lower interest rate. But, because we don’t have any kind of collateral, your interest rate goes up.
Then you add into the equation your bad credit history, which means the lender is taking a much greater risk that they will not be repaid. This will raise your rates a great deal more.
And then on top of all that when you add in the promise of approval for everyone for guaranteed unsecured loans. This means that people with worse financial histories than what you have are approved, and the interest rates offered typically reflect that risk the lender is taking.
Of course, if you have terrible credit and no time to try and seek out approval and receive multiple rejections, then this price may still be worth it for you. If you do manage the payments well and make them on time each month this will even help you build up your credit history for the future.
However, if you have the time, you can still try and apply at more traditional lenders. If you have a job that you’ve had for a while and have lived in the same area for a good period of time these things will help establish you as a stable customer. It will also help if you can explain why you’ve had financial problems in the past, such as medical bills, divorce, or other experiences, and some things you’ve done to help rebuild your credit since then.
If you can find a more traditional offer you will still have high interest rates, but lower than what you’ll find with guaranteed unsecured loans.
Doorstep Loans: No need to go to the relatives
Requirement of cash can arise anytime. Money is that thing which always comes on priority. People want money for many expenses like may be for sudden accident or any sudden bill. So at that time immediate solution is needed. Doorstep loans can help you in t his regard.
Here are some pre requisites which are as under and are necessary to followed:
Applicant must be the citizen of UK;
Applicant must attain the age of 18 years or above;
Applicant must possess a valid bank account in UK;
Applicant is doing a steady job and earning a sound source of income.
These mortgages can be availed by online process as it is fast and quick. Online process is hassle free and provides fast approval. Online application form is simple and by providing some basic details borrower can avail fast cash in less span of time. Borrower can avail fast cash within 24 hours of application. Name, age, gender, e-mail address, contact number, address proof, account number, etc. are some details which are required on the application form.
After approval the amount will directly get transferred in borrowers bank account. Doorstep loans are also for bad credit holders who are tag with bad records such as arrears, defaults, CCJs, IVA, late payments, missed payments, insolvency, foreclosures, etc. but all poor credit records are accepted by the lenders. The amount that applicant can avail ranges from £500 to £5000 with flexible repayment term and easy installments. Repayment tenure is from 15 days to 31 days. Bad credit holders can improve the bad credit ratings by repaying the cash on time.
Security is also is not required here. Borrower is expected not to pledge any collateral. It means that these mortgages are risk free for the borrower but risky for the lenders. Because if the absence of security the rate of interest of doorstep loans is slightly high. Any delay in repayment can cause penalty. Borrower has to pay the extra interest.