Quick Loans What Are Your Options
People can be neck deep in loans and may feel helpless not being able to repay one huge or many loans that they had taken up
. Many times people fail to pay loans and this attracts a black mark on their credit history, which is extremely undesirable. Many loans can be consolidated and paid off.
Many banks in UK do this for its citizens. One bank takes up the responsibility to pay off the many loans that the borrower may have taken up. Instead issues one single quick loan in his name with a lower rate of interest that could be paid over time. UK has many such banks like- HSBC and Barclays with their head quarters in Canary Wharf, Royal Bank of Scotland Group with headquarter in Edinburgh, Lloyds Banking Group and Standard Chartered with their headquarters in the city of London etc.
With strict criteria to fulfill including a decent credit history these banks issue a quick loan in the borrowers name on application. The loan can be of two types:
First quick loan type would be the secured one. Although it's not the quickest, it can be the easiest and the one with least amount of interest rates charged. The bank issues a lump sum amount of loan but the borrower has to mortgage a valuable asset of his- like a property or car etc.
Against this collary the amount is issued. In case of failure to pay off the loan 85% of this property would be forfeited by the bank. This kind of loan entails a very low rate of interest on the principle amount as the mortgaged property is a security for the bank. Also it allows the borrower a longer period for repayment.
Second is the unsecured loan which is same as the secured one but with a few differences. It's a loan more quickly issued. It does not involve any collary or property mortgage. And because of these criteria it charges a higher rate of interest and allows a shorter repayment time. Thus the amount to be cleared off would be much higher than in case of a secured loan. Also a lesser amount of money is sanctioned- only up to 50,000 pounds is allowed.
Another kind of quick loan is available called the Quick Pay Day Loan. This loan is issued on a short term basis, sometimes sanctioned in a day. They also allow a very small range of amount issued, up to 1000 pounds only. They charge a very high rate of interest as compared to the above two.
They often charge up to 25% on the principle amount. Usually people take out such loans only during financial emergency- immediate needs like car breaking down, urgent payment of bills etc. They have extremely strict criteria that most of the applicants fail to fulfill.
Any of the above mentioned quick easy loans can be opted for in times of grave need but not without prior consultation with a financial expert or the borrower's bank.
Quick Loans What Are Your Options
By: Ken O Barnes
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