Each of us want to spend our lives in a luxurious way that may include a dazzling looking car, providing good education to children and exotic holiday trip during vacation. It becomes easy to take loan from bank when we have some security to keep fulfilling our dreams. But what if we can’t keep any collateral due to some circumstances or don’t have anything to keep. Unsecured personal loans prove to be an apt financial refuge in that case.
Brief review
These loans will help you to get an amount between £1,000 to £25,000 without keeping any kind of collateral or security. The amount varies from lender to lender. The lender first checks the applicant’s credit history before approving the loan. The applicant has to fulfill some requirements sought by the lender to be eligible for this loan.
Requirements of the applicant
• You should have good earning and be employed for some years
• Should be a UK citizen
• Should have an active checking account in a bank.
Rate of interest and repayments
The rate of interest for personal loans unsecured type is basically fixed one but sometimes it may vary depending upon the bank’s base rate. The rate to be fixed is discussed between the lender and the applicant depending upon the capability of the applicant to pay back the amount in time. The repayment tenure ranges fro 7 years to 10 years. The repayment has to be done on monthly basis.
Advantages of unsecured personal loans
• Can be applied online hence fast approval of loan
• Longer repayment tenure
• Reduced rate of interest
• Helps the bad credit person to improve his\her credit score.
• No collateral involved hence risk free for the applicant
Article SourceLabels: Bad Credit Loans, Personal Loans |
