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12 month loans Helping You Smile Again
Loans, no doubt, have become an indispensable part of human life. With increasing demands that cannot be fulfilled with limited monthly salary you often look for external financial assistance that can be utilized to meet sudden unexpected needs. However, not everyone is fortunate enough to zero-in on a deal that provides instant cash. With sole objective to offer monetary aid to all types of customers, financial market of the United Kingdom has crafted 12 month loans. These loans are a short-cut to bid goodbye to all your worries. So, your long list of wants is no more a dream as these loans come to your rescue just at the right time.
Applying for this amazing loan facility has never been so quick and easy. Shop online to fetch some of the best deals and bring back your financial life right away. Virtual world of internet offers some of the best deals that suit your pocket as well as existing requirements. Intense competition amongst lenders has proved beneficial for borrowers for they have an option to select from range of options available. You will find one lender offering low interest rates and other offering loans on easy and flexible repayment terms.
These loans are sanctioned for tenure of a year or twelve months. You can fetch this loan under both the unsecured and secured format. Under secured format a borrower has to pledge some valuable asset or property as collateral with the money-lender. Loan amount issued depends upon the evaluation of the valuable assets placed as security. On the other hand is unsecured format that enables you to fetch credit without pledging any type of collateral. Here, total amount approved depends upon your repaying ability and current financial status. Of the two, it is unsecured format that has gained immense acceptance amongst tenants and non homeowners.
Advancing credit through this loan facility you can fulfill your entire middle month financial dilemma. Cash issued under it is sufficient to pay for your pending bills, wedding expense, medical needs, vehicle repair, plan a holiday with family, pa your college fees or get a home renovated. You no more have to face the discomfiture of seeking monetary aid from friends and family. Just apply online and let yourself live a peaceful life.
12 month loans can be availed by all without having to get involved in nay kind of paperwork formalities. It is this hassle free approach that has added to the popularity of this wonderful loan facility. As a matter of fact, segment of the population suffering from tainted tags such as arrears, individual voluntary arrangements, late or non payments, bankruptcy, defaults, county court judgments or foreclosures are free to apply for it. So, you can now escape from all your monetary woes within the stipulated time.
Availability of Student Loans With No Security
Many wonder if there are student loans offered with no collateral. There is no simple answer to this question as it really depends on the applicants qualifications. There are of course federal loans that require no security and even private loans that do not require security but qualifying for them is not such an easy task.
Thus, in order to know whether you will be able to obtain a student loan with no security you need to know the different loan types offered and whether you meet the requirements needed to get approved for federal or private unsecured student loans. Also, if you can provide collateral to secure a student loan, you should rethink your decision of not doing so.
Federal Student Loans And Private Unsecured Student Loans
Federal Student Loans are student loans subsidized by the government, the interest rate they charge is significantly low since they are meant for promoting education and handled by government agencies with that purpose. The interest rate charged by these loans is even lower than the rate charged for home loans or home equity loans. However, the rest of the loan terms are not so advantageous. Though the repayment program can be long, usually, the loan amount you can obtain through these loans is not good enough to cover all college expenses.
Besides, these loans are awarded according to the needs of the applicant because they are meant to promote education for underprivileged applicants and thus, not everybody can apply for these loans and get approved successfully. Only those that meet these particular requirements of federal student loans should contact the government agencies to obtain further information on these loan programs.
Private unsecured student loans do not require collateral either. Thus, non homeowners can easily apply for these loans. However, the interest rate charged for these loans is usually high. Thus, only those that can afford the monthly payments on unsecured student loans will be able to get approved for them.
Unsecured student loans subsidized by private non profit organizations charge a lower interest rate but suffer the same restrictions as government loans. These loans are either awarded according to the needs of the applicant which excludes those with repayment capacity or according to merit. This last group of loans is meant to promote those who have had an outstanding performance on previous studies and thus, the institution wants to support their career.
Reconsidering Secured Loans
As you can see, getting approved for unsecured student loans is not that easy. So, if you are a homeowner or you have relatives or friends willing to offer an asset as guarantee of the loan, you should reconsider applying for a secured loan as you will get approved more easily and you will also get better terms on your loan including lower interest rates, higher loan amounts, longer repayment programs and thus, lower monthly payments that will be a lot easier to afford. As regards collateral, as long as you make sure you can repay the loan installments there is no reason to fear repossession of the property.