Tag Archives: unsecured loan
Online lenders: The source of fast unsecured loans
If you are a tenant or a homeowner who do not wish to use home equity for borrowing some money, then unsecured loans can be an affordable way to avail it. Whatever may be your purpose – refurnishing your apartment, buying a big-screen plasma TV, putting a built-in barbecue in the backyard or doing anything else of this sort, this type of loan will be an ideal choice to finance it.
The amount you can borrow with unsecured loans is determined by your credit record. A good credit record will allow you borrow big amount and vice-versa. Basically, it is a short-term loan and hence not-so-big an amount is offered through it. Yet, in exceptional cases, big loan amount is sanctioned. But the loan term does not extend over a longer time. So, the borrower needs to pay off the money in relatively bigger instalments.
This particular loan product is processed rather quickly. In fact, it is secured by the signature of the borrower. This indicates that the loan involves no lengthy documentation. Hence, fast unsecured loan caters to the need of quick cash delivery. It also gives the borrower relief from the tedium of paperwork. In some cases, the borrower gets the chance of saving the property assessment cost.
Nowadays, online lenders offer various deals on unsecured loans. These lenders are accessible via the Internet. This means that one can exchange information with them from anywhere if he has access to the Internet. One can compare loan packages offered by different lenders simply over the website of a particular lender. Taking quotes, comparing APR, reading the small details & 9472; all this can become quite easy.
Another important benefit of online unsecured loan is that you do not require meeting the lenders physically on different occasions. You have to meet him only at the later stages of the loan process. Thus, much of the hassles involved in taking out loans from high-street lenders will not be there.
Procure unsecured loans quickly
People show inclination towards unsecured loans, when they have to borrow a smaller loan amount with a shorter repayment term. For availing an unsecured loan, you need not have to put your home at stake. So, the first and the foremost benefit which you have here is that you can avoid the threat of repossession of your property.
Whether you are a tenant or a homeowner, you can avail unsecured loans for meeting your different needs. The eligibility criteria for availing an unsecured loan is that you need to be above 18 years of age and should be employed. The loan criteria can vary from lender to lender.
An unsecured loan comes with a fixed as well as a variable APR (Annual Percentage Rate). In a fixed interest rate loan, the interest rate would remain the same throughout the loan tenure. On the other hand, with variable interest rates, the rates can go up and down according to the base rates of the Bank of England.
People with poor credit can also seek an unsecured loan, if they meet the specific loan criteria of the lenders. A bad credit history can be anything like defaults, missed payments, County Court Judgments, or bankruptcies. Bad credit unsecured loansnot only helps us in meeting monetary requirements, but can also help us in improving your credit score. Once you have improved your credit score, you can easily avail a loan in the future.
There are various lenders in the UK who provide online loans. You can approach any high-street banks, building societies and private lenders across the UK. Due to the fierce competition among the private lenders, they can offer you a loan on competitive APR (Annual Percentage Rate).
Unsecured loans can be procured fast, as compared to a secured loan type. This is because the valuation of collateral doesnt take place with unsecured loans. Therefore, the turnaround time in the entire loan processing gets reduced.