Tag Archives: unsecured loans
Online Unsecured Loans: Best suitable loan for tenants
The unique benefits that are associated with unsecured loans are many. First of all, one can use these funds for any purpose. Second, one can avail them in small amount as well as in big amount. Third, you are not required to pledge any asset in order to get these finances. Fourth advantage is that these finances can be paid back very easily because there is an easy monthly installments system to pay them back. With these loans, one can improve his credit score through the regular payments. So, these debts are one of the most useful financial tools which offer many advantages to the borrowers. This is the reason why they are so poplar all over the globe especially in the UK market.
Unsecured loans can be availed from various online sites, and various leading banks have tied up with leading online financial portals to make the process of obtaining debts more easy and fast. If you want to avail these finances, just visit some sites that offer efficient finances to you. After filling up an online form and submitting it online, you will get these debts very easily in a specified time period. So, just waste no more time and avail such unique financial instruments without any hassles.
These loans require less documentation work and they are even available to the people who have bad credit score such as arrears, defaults, missed payments and so many other monetary liabilities. The tenants can also get these finances without any hassles. So, if you are a tenant or a bad credit holder and want urgent money then do not waste your time. Fill up an application form online which takes few minutes and after that get these wonderful finances. They are available to you both in big amount and small amount depending on your financial need.
To obtain online unsecured loans, one should hold the UK citizenship. He or she should have crossed the 18 years of age. Finally, one needs a valid bank account in which the required amount of the loan will be transferred by the concerned money lender. So, if you meet the above criterion for the unsecured finances, then just visit the Internet and find out the best money lenders in your area. From the efficient money lender you can avail the best unsecured fund to meet your various needs like wedding expenses, education expenses, electricity bills, car repair and so many other needs can be easily satisfied from these debts.
Hence, one can say that the unsecured loans are the best sources of fund if you do not have something to offer as collateral. They are even available to the bad credit scorers at slightly higher interest rates. They are good if taken in small amounts, as the payment of these loans become very easy for the borrowers and they will face no problems while repaying them. So, get the unsecured finances from various online creditors and meet your urgent requirements with ease.
Unsecured Loans – finance for everybody
As the name implies, unsecured loans don’t require the borrower to pledge any of his assets like home as security against the loan amount borrowed. Instead, the loan is granted viewing the borrower’s credit history and his ability to repay the loan. These loans are also called signature loans or consumer loans. Unsecured loans are multiple loans that can be used for a plethora of purposes. Some of these are mentioned below
The following are the parameters on the basis of which a lender grants unsecured personal loans to the customers.
The credit history of the borrower – This is the most important criterion for judging a borrower. If the borrower has a number of defaults, arrears and miss payments in his credit history, his chances of securing an unsecured personal loan are low. He may, though, get a bad credit unsecured loan at high interest rate. If the credit score of the borrower is above 700 on the scale of 800, he may get an unsecured more comfortably because of his excellent credit record.
The DTI ratio of the borrower – DTI i.e. Debt to consolidation ratio reflects the affordability of the borrower. DTI = Debts/ Income of the borrower. If the DTI is greater than 3.6, the borrower has good chances of getting an unsecured loan.
So, the above cited reasons are the two most important factors that contribute in the lender’s decision in respect to the loan amount, loan tenure and APR to be charged. If the credit history of the borrower is bad but the DTI ratio is good, the borrower may get an unsecured loan. Better the credit score of the borrower, lower his annual percentage rate (APR).
The amount one can borrow as unsecured loans start from as little as £500 and can go up to £25,000. Because the borrower doesn’t secure the money by any collateral, lenders tend to limit the value of unsecured loans to £25,000. The repayment period may stretch from six months to 10 years.