Unsecured Loans - Avail Finance Without Placing Collateral!
Not everyone has his or her own property. If they want to apply for a finance, they will have to place some property as security to avail it. So what does one do if they need an advance but do not have any property to place. These people can apply for Unsecured Loans. The borrower can avail finance without placing collateral.
Unsecured Loans do not require any collateral such as car, house, stock papers and so on to be placed against them. They can be availed without this security. The borrower can avail amount ranging from 1000 to 25000. They can pay the money back within a time period of 1 to 10 years. This repayment tenure can be extended by the lender if the borrower gives him a notice.
The borrower does not face a risk of losing his property if he is unable to pay the amount in the stipulated time period. The repayment term is flexible and can be extended by the lender. The interest rates are slightly higher as there is no collateral placed. If the repayment term is extended, the borrower will have to pay a penalty. People who have a poor financial standing can also apply for this finance. If the amount is not returned on time, the credit scores get negatively affected.
To be eligible for this advance, one has to fulfill the following requirements:
"The applicant has to be a permanent citizen of UK
"He should be an adult, i.e. 18 years or above.
"He should have a regular monthly income.
"He should have a stable job in any organization.
"He should have an active bank account.
This facility can be applied for through the internet. The online application forms are very easy to understand and fill out. One has to provide the necessary details and submit the form with the click of a button.