subject: Low Interest Unsecured Personal Loans Made Especially For Your Circumstances [print this page] Low interest unsecured personal loans are form of credit without any security. A person applying for such investment agrees to give back the credit within a set tenure. The credit can be used for various reasons like for buying a luxury car, debt consolidation, home improvements and so on. Theses finances can be used as per the borrowers necessities.
The offered amount under this credit scheme ranges from 1000 to 25000 and the repayment period is of 1 to 10 years. The credit is sanctioned on the basis of the borrowers credit history and his repayment potential. The advances are difficult to obtain because of the absence of a security. Lenders have nothing to recover in case a borrower fails to repay the credit amount. To make up for this, unsecured loans come with a higher rate of interest. They are approved quickly as it does not require evaluation of property.
Advantages:
The borrower does not have to face any risk of losing property if he does not pay the money back on time.
The repayment term is very flexible and it can be extended if the lender is given a notice by the borrower.
People with a poor credit score can also apply for this finance.
Disadvantages:
As there is no security placed, the interest rates are slightly high.
If the borrower does not pay back on time, the lender charges penalty.
The conditions to be followed for approval of this credit are:
You should be a citizen of U.K
You should be above 18 years of age
Your monthly income should be at least 1000 per month
You should have a bank account.
by: Ravin Blackburn
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