Tag Archives: borrower fails repay
Motorbike Loans: Ride your dream bike home tomorrow
Style, speed and mileage are the factors that have made the youth crazy about motorbikes. They are just absolutely mad after bikes. Bikes are stylish, trendy, have great mileage which saves definitely saves petrol and have mind blowing speed which acquires the heart of million youngsters. But, due to inflation it is not at all possible for common man to afford a motorbike from his fixed monthly income when he has many other emergency expenses also. Thus, he certainly requires some financial help. To help out people motorbike loans have been introduced in the financial market which helps people in buying a motorbike of their own choice. These loans are less time consuming as the paper-work is skipped-off.
There are two types of motorbike loans and they are secured and unsecured. While availing the secured loans, the borrower has to pledge any of his valuable assets as collateral against the loan which ultimately benefits the borrower with lower interest rate and larger loan amount. This is so for the reason that the lender feels secure in this case if the borrower fails to repay the entire loan amount by the time as he can recover his money on the basis of the security. But, while availing the unsecured loan, the borrower is not required to pledge any of his valuable assets as security against the loan due to which the lender imposes higher interest rate on the loan and provides the borrower with lesser loan amount. This is so for the reason that the lender in this case is at risk if the borrower fails to repay the entire loan by the fixed time. Thus, to secure himself to some extent, he charges higher interest rate on the loan. The repayment time for these loans ranges from 18 to 84 months. And, one can finance up to 90-100 % of the cost of the motorbike which has to be bought against the loan. These loans can be used to buy new as well as old motorbike. The only condition is that the motorbike should not be more than 5 years old. The borrowers with bad credit score like CCJs, bankruptcy, arrears, defaults, late payments etc. can also avail these loans. Thus, as an advantage they get a chance to improve their credit history by repaying the loan in fixed time period. The borrower must satisfy some conditions before applying for these loans like he must have age above 18 years, he must possess an active bank account, and must have a trustworthy UK citizenship and employment proof. But, if somehow the borrower fails to repay the loan in regular instalments every month, then the lender takes away the motorbike and returns it only when the whole amount of money is returned back. The loan amount, interest rate and repayment term differs with various factors like type of loan, model of bike, regular or modified, new or used bike, monthly income, repayment capability and amount of down payment made.
The borrowers can search online and compare the interest rates of various lenders. This way they can get the reasonable deal and that too while sitting at home only. Moreover, online searching saves ones time. The required amount will be transferred to the borrowers respective account the same day when the loan is applied or the next business day.
Car Loans: Ride your own car
In today’s era, a car is a necessity. Its no more a luxury thing now. One may need a car in case an emergency arrives. Also, when one has to go for an outing with his family, it becomes difficult for all to go on a two-wheeler. In such a case, one feels the lack of his own car. But, there are so many expenses in our daily life that sometimes it just becomes impossible to even think of buying a car of own. Cheer-up guys as now car loans have been introduced in the financial market. These loans are lesser time consuming because the lengthy documentation work is skipped-off.
Car loans are of two forms, namely secured or unsecured. In the secured form, the borrower is required to place any of his valuable assets like any property, building or any real estate as collateral against the loan amount. The lender feels risk-free in this case because if the borrower fails to repay the complete loan amount, even though the lender can recover his money on the basis of the collateral pledged by the borrower. Therefore, it ultimately benefits the borrower with lower rates of interest and a larger loan amount. These loans are usually offered for a repayment period that ranges from 5 to 7 years. But in the case of unsecured form, one is not required to pledge any of his valuable assets as collateral against the loan amount. Since the lender in this case is at greater risk in case the borrower fails to repay the complete loan amount by the fixed time, therefore he imposes higher rate of interest on the loan. With the help of such loans, one can also buy a used car which should not be more than 5 years old. Even the borrowers having bad credit records like CCJs, bankruptcy, arrears, defaults etc. can also avail these loans. The borrowers can improve their credit record by repaying the loan amount by the fixed time. If the borrower is unable to repay the loan by regular monthly instalments, then the lender takes away the car and returns it back when the whole amount of money is returned back.
Since online searching is one of the best ways to search for a best deal over the internet. Therefore, proper online financial markets need to be searched out for an affordable deal. Comparing various loan quotes form different lender will let you grab a deal with reasonable rates. To get the application of loan, you are just required to fill a single online loan form. The lender will verify the details and submit the borrowed amount in your checking account within hours.