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Types of Unsecured Personal Loans (Page 1 of 2)
Even consumers who practice careful spending habits can sometimes find themselves in financial trouble. Unexpected expenses such as car repair bills or medical costs can strain your budget and leave you wondering how you will make ends meet. Fortunately, there are several types of a secured personal loans in the UK that can help you through difficult financial times. It is important to consider these loans carefully to ensure that you are choosing the right type of loan for you.
Payday Loans
A payday loan is a short term loan that can help you through a financial emergency. The process of qualifying for this type of loan is relatively simple and typically requires little documentation. For this reason, you might be able to obtain approval or a payday loan and receive the funds you need in as few as one or two days. In some cases, you can even obtain a payday loan without a credit check or income verification.
Before opting for a payday loan, you should consider the drawbacks of this option. In most cases, you will have to repay the loan amount, plus interest, within one or two weeks after you receive the funds. Although this might be appropriate for a financial emergency, a payday loan might not help you if you anticipate that your financial needs will last for a longer amount of time. Also, compared to other types of unsecured personal loans, payday loans typically come with high interest rates. You might have to pay 25% interest or higher in addition to the principle amount for the privilege of borrowing money for just a week or two.
Personal Bank Loans
A personal bank loan is issued by a bank or other financial institution instead of by a payday lender. This type of loan is generally designed for longer-term financial needs – depending on your circumstances, you might be able to borrow the funds for five years or longer. This might be an appropriate option if you want to consolidate existing debts or anticipate that your recurring extra expenses will last longer than a few weeks.
Banks and financial institutions require substantially more documentation than payday lenders when evaluating applicants. You will likely need to provide verification of your income and expenses, as well as documentation of your personal assets and other debts you owe. You will also have to fill out a lengthy application and may have to meet with a personal lender in order to receive approval for your loan.
Compared to payday loans, interest rates for personal bank loans are typically low. This option can help you obtain the long-term funds you need without costing you a small fortune in interest charges. Of course, this type of unsecured loan typically requires a thorough review of your credit history. The interest rate you obtain a for a personal bank loan can vary significantly depending on the length of your credit history and whether you have made your other account payments on time.
Unsecured Credit Cards
Debit card loans no faxing-Easy available loan source
One may fall in need of quick cash anytime without any prior indications. It can be tough time for you when payday is short and expenses are high. To overcome these small financial hardships, you need to have a small loan option. If you own a debit card and need financial assistance, debit card loans no faxing is the hassle free and extremely suitable loan source for you. This is a quick and easy source of finance for you.
With urgent payday loans, one can gain the swift financial aid without any faxing hassle. The basic requirement of this loan option is that you just own a debit card under your name. Just secure your debit card against the loan and get free from your cash crunches. The loan amount that you can borrow can be ranges from £100 to £1500 with the flexible repayment period of 14 to 31 days. Without any lenders constraints, borrower can utilize the funds for any of the purpose, such as:
-Paying off education expenses -Pending household bills -Sudden car damage expenses -Telephone bills -Go for small trips -Medical bills etc.
For quick approval of debit card loans no faxing, borrower should qualify some of the required eligibility criteria. You should be a permanent citizen of UK with eighteen years or above. You should be an adult with the age of eighteen years or more. A bank account is required for certain electronic transactions. You should be regular employed and earn the stable monthly income.
There is no requirement of valuable asset as debit card loans no faxing is secured against your debit card. Therefore, the loan procedure and approval of this loan will be quite easy and fast for you. You just have to devote few of your minutes in filing the online form. Lender will verify the details and sends you the approval within the matter of hours. The loan money will transfer in your checking account without letting you face a mere discomfort.