Tag Archives: high
Instant Unsecured Loans: Fast Loans without Any Security
Instant unsecured loans are the quick loans provided without keeping any security. It is the best loan for tenants who need some urgent cash but either dont have any property to keep as security or dont want to risk them. As these loans are generally provided by online lenders, the loan is approved quickly. Also being unsecured there is no wastage of time in documentation which further makes the whole process fast.
Generally bad credit holders such as people having CCJs, arrears or any default payment can also apply for these loans.
These loans are not only for tenants without any home but homeowners can also apply for it. You can easily find a lender offering such loans. For the convenience you can go for online search so that you can avoid the mental and physical stress while finding a lender by going to various lenders office. You can use this loan for your personal uses like going on a holiday trip, home improvement or car repairing.
The prerequisites are very simple as stated below:
a) you must be a resident of UK
b) you must be above 18 years of age
c) you must have a regular employment
d) you must have monthly income above £1000
e) You must have a personal checking account operating since 6 months.
The range of loan amount is £1000 to £25000 with a repayment period of 6 months to 10 years. The interest rate is a bit high as the loan is approved fast and without any security. The people having good credit history can get benefit as they may get a cheap interest rate. To get a cheap loan you should search the market well. Also the timely repayment is must as in case of failure you not only increase your interest rate but also hamper your credit history.
Summary
Unsecured instant loans provides quick loan without keeping any security. These loans are especially meant for tenants and even people with bad credit can apply for such loans. The interest rate is a bit high so timely repayment is must.
Quick No-Credit Check Loans: Benefits And Drawbacks
Quick no-credit check loans are amazing products and are used for many purposes by thousands of people every day. However, these loans as any other type of financial product have pros and cons that should be pondered before applying for one. If you want to know what are the benefits and drawbacks of Quick No-Credit Check Loans, in this article you will find a short explanation along with some tips on how to get approved and make the most out of them.
Benefits Of Quick No- Credit Check Loans
Quick no-credit check loans require no credit verifications and thus anyone can be approved regardless of the credit score or history that their credit report show. Bad credit is not an obstacle for approval with these loans and people with no credit at all can also get approved (young people can benefit from these loans when in an emergency because they get the money needed and get an entry on their credit history at the same time). Even those with a past bankruptcy on their credit report can get approved for these loans.
Thanks to the lack of credit assessment, these loans approval process is resolved quickly and without hassles. Most lenders that deal with Quick No-Credit Check Loans provide loan approval within less than a day and the money is usually deposited in the applicants bank account by the next day but even if a particular lender does not process the loan within the day, they never take more than 72 business Hs. to deposit the amount into the applicants designated account.
Another interesting characteristic of Quick No-Credit Check Loans is that there is no paperwork required. Most of these loans applications can be processed online and electronically without having to make long credit verifications or documentation analysis. Some lenders may require you to fax some information but most of the new loans are promoted as no-fax loans thus excluding the need of faxing documentation on new Quick No-Credit Check Loans.
Drawbacks Of Quick No-Credit Check Loans
Since there are no credit checks, the lenders default the risk assessment to a high risk scenario and thus charge high interest rates for the money lent. Therefore, you should expect to pay significantly higher interest rates than that of credit cards or unsecured loans and lines of credit. The interest rate may be concealed by promoting the loan price as a fixed fee every hundred or thousand dollars but if you do your math you will learn that the rate is actually very high on annual terms.
For the same reason, the repayment programs of these loans are rather short. Since there is a high risk involved, the lender will provide the funds only for short periods of time. You may get longer repayment programs than with payday loans but the schedules will be similar to those of cash advances that provide only a few installments for repayment. Do not expect long repayment programs as with unsecured personal loans that require long credit verification processes.
Finally, you will not be able to get high loan amounts either. Due to the risk, the loan amounts usually average $1000 and seldom reach $2000. Therefore, as you can see, these loans are meant for emergencies where there is no time for credit assessment processes and urgency is the main issue. These loans serve their purpose. What you need to ponder if that is what you actually need.