Unsecured Loans - Get A Loan Without Any MortgageAs said above that an individual often faces need of unsecured loans that don't ask for any kind security against the loan and this happens because of growing consumerism that often forces an individual to opt for loans but what if one need loans either to fulfill his duties against his parents or children's or for satisfying his own lavish needs but he don't have any guarantee against which he could raise a loan for himself. Then the answer or solution of his problem is that he should go for an unsecured loans as these loans are basically aimed at providing loans to that individual who can be a very good borrower in long term but are ignored because they don't have any mortgage or security against which they can actually a get a loan.
So now onwards people without having any mortgage don't need to worry that they will not be getting any loans or they will have to pay extravagant interest rates because all they need to do is to apply for a
Unsecured Loan and what if they don't have any property or security with them they are considered as an asset to the organization and their credit worthiness is considered to be the security and they are 100% eligible for Unsecured Loans.
The things that will be considered while granting Unsecured Loans to an individual are his income proof and his past credit history and of course its not like that you will not be getting a Unsecured Loan only because of a past bad credit history then also you are eligible for it but you might have to pay a little bit of extra money for it.
Unsecured Loans are nowadays also available through on line application form that make it all the more lucrative because you just need to sit in front of your personal computer and don't need to roam here and there and ask peoples for help and more over the paper work required to avail a Unsecured Loan is also minimal now days.
Unsecured Loans are provided by the lender after a through credit worthiness status check program that involves the lender outsourcing the job to an approved credit reference agency to make a search on your name and address, and any previous addresses, which you give in your personal loan application it further involves through study of calculating the risk involved in extending a loan to you and the benefit that will be derived from it and then a credit rating is done on the basis of it and the interest rate is determined in such a manner so that the risk and profit associated with a particular borrower could be balanced to an optimum level and then the loan is made available to him.
If you are having no issues in the past regarding payments of loans then you will be having a very positive credit rating and you will a see a host of lenders making a bee line to offer loans to you at competitive rates and with minimal paper work and even if you are having your credit rating at a slightly lower side then also you are eligible to get unsecured loans but you might have to cough up few more bucks in order to avail one.
by: Sonya Rai
About the Author:
Sonya Rai is a world renowned finance expert. Her valuable advices on Unsecured Loan,Bad Credit Loans, Debt Consolidation Loans , Logbook Loans, has proved to be extremely useful in UK
Posted by: victor , Posted on 2010-11-23 12:02
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