Many people may not have adequate funds to satisfy their personal needs
. The first thing that strikes one in this condition is to apply for a loan. However, the person may not want to place his property as a collateral to avail the aid. Thus, one can apply for Small Unsecured Loans.
These finances can be availed by non-homeowners and tenants as well as they do not have any property to place as security. Small Unsecured Loans can be used for any purpose like renovating ones home, buying a new car, going on a holiday and so on.
The lending institutions can sanction amounts ranging from 1000 to 25,000. They have a flexible time period of 1 to 10 years to pay the amount back.
The borrower has to meet certain criteria before applying for this aid. He should firstly be a domicile of U.K. He should be an adult of 18 years of age and should also have a stable job. He should earn a regular monthly income and also have an active bank account.
The borrower should ideally pay the amount back on time. However if he fails to do so, he does not face a risk of losing possession of his property. People who have a less than perfect credit history can also apply for this finance, as there is no credit check.
However, the major drawback is that the interest rates charged are slightly higher as compared to the other finances. This is primarily due to the non-placement of property as a security. If he is unable to pay the amount on time, a penalty will be charged and the credit scores get affected.
The easiest way to apply for this finance is by taking the help of online services. The application forms are very easy to fill out and the form is submitted instantly.