subject: Unsecured Personal Loans - Hassle Free Borrowing [print this page] People like tenants and non-homeowners do not have anything to offer as security for a loan. This may prove to be an obstacle for them in getting their loan approved in any kind of financial assistance. Some home-owners are afraid of losing their property. Unsecured personal loans are solutions to the problems of all such people.
These advances do not make it mandatory for the borrower to place any valuable asset as a security for the borrowed amount. They can be used for purposes like purchasing a car, home renovation, going for vacations, payment of lengthy bills and so on.
They provide the borrowers with moderate amounts for expenses ranging from 1000 to 25000. The repayment term also is moderate and sufficient enough for the borrower to repay the amount borrowed. The repayment term ranges from 1 to 10 years.
Features:
The borrowers who opt for them have an advantage of not placing any security against the borrowed amount. Hence, their property is not at risk.
He/she can use the amount of these finances to fulfill a number of requirements which are of a moderate amount.
They can be availed by all types of borrowers whether they are good or bad credit holders.
Unlike secured credits, they carry a relatively higher interest rate due to the absence of security.
Eligibility requirements:
The applicant should be 18 years of age to avail the facility.
The applicant needs to be a citizen of UK.
He/she should have a fixed job and a regular source of income, so the lender has some assurance of getting back the amount.
He/she should have a valid bank account in his/her name.
They are made available to the borrowers in the traditional market and also online. The applicant has to fill the application form with the true details. The lender examines the form thoroughly and if he/she finds the details true, the amount of the advance is transferred to the applicants account. The online options provide these finances at cheaper rates.
by: Philip Quinn
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