It is true; Caravan is very popular these days hence
, the demand for it is increasing. Basically, caravan loans are like car finances. It can be available in different forms and it also involves financial assistance from a finance .So if you are in need of cash then, you can take the help of caravan loans which can be a solution to your problems .The money borrowed will have to be paid in the given period of time.
These finances can be secured as well as unsecured in nature:
In secured credit the borrower will be given an amount ranging from 500 -100000 and the time period offered will be for 1 to 25 years. In this the borrower will have to place his property or asset as security. For this he is charged a lower rate of interest.
In unsecured credit the borrower does not have to place any property as security so, there is no risk for the borrower. Since, the borrower does not have to place any collateral he will be charged a high rate of interest. In unsecured credit the amount given to the borrower will be from 1000 -25000 and the time offered will be for 1 to 10 years.
An individual with bad credit history can apply for this type of finance. There is less documentation process involved under this credit scheme. If the borrower pays the repayment on time then, he will remain out of debts. In secured credit if the borrower does not pay the amount on time then his property will be at a risk.
Eligibility criteria:
A person should be a citizen of UK.
A person should be above 18 years of age.
A person should be well employed with an income of 1000.
A person should have a valid bank account.
The online source is very easy and convenient. The borrower just has to fill the application form with the correct details in it. You need not worry as within 24 hours the funds will be transferred to your account. This procedure is less time consuming.