Unsecured loans: Different FAQ’s

Ques. What are unsecured loans?

Answer. Known as signature loans, these credits are the ones that do not require having something important possession as collateral. They do not involve any asset or property to be offered against the loan as a safety. They are short term loans and usually have high interest rate depending on the rate of risk and the sum of the finance involved.

Ques. What are the eligibility conditions for this funding?

Answer. First of all, you should be resident of UK with an ID proof.

You must have full employment with no more than one job change from the last one year.

Your age should be above 18 years.

You must have an active bank account.

Repayment ability of the applicant matters more due to unsecure in nature and risky from the point of view of lending company.

Ques. What are the terms and conditions of the loan?

Answer. The terms and conditions are important that you must know about. These loans are available in short term and long term duration. Short term loans where offers you an amount of 100-1500 and you need to repay the entire amount within time period of three months.

While on the other hand, long term unsecured loans give you an amount which is range from 1000 to 25000. You need to return the entire amount within repayment period of 1 year to 10 years.

Ques. What about interest rates?

Answer. As these loans are risky from the point of view of lender in absence of collateral, thus borrower needs to pay very high interest rate to the lender. By comparing different loan quotes on Internet which are offered by different lenders, you can fetch these finances on pocket soothing prices.

Ques. Where I can use the borrowed amount?

Answer. The amount acquired through unsecured loans help you to deal with your number of fiscal requirements like paying off number of debts, education, marriage, world tour and home improvement among others. There is completely no restriction on using the loan sum.

Unsecured loans: Different FAQs

By: Mary Jones

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