It is true that many people today want to live a risk free life devoid of any complications
. They hesitate to put any of their valuable assets at risk since they will obscure a huge loss if they do not pay back the entire cash amount.
It is easy to borrow money against property or collateral that we own, but in todays world, people are no longer willing to risk their homes when they take a loan. Hence, unsecured loans are brought into the picture as it is the most practical option of availing any sort of finance.
The various features are follows:
They have no trouble of risking the property of the borrowers.
Hence, the lenders will definitely charge a high rate of interest so that the lenders do not suffer at the end of the day. They need some guarantee against the cash amount.
The amount of money which is granted ranges from 1000 to 25000.
The amount under any circumstance has to be repaid before the time span of 10 years but shouldnt fall below a year.
If you have a bad credit history or a good one, it does not matter, since no credit checks decide whether you are a fit candidate to avail the loan amount.
There is a fixed rate of interest as well as a fixed period of time in which the loan has to be paid back. Once you have found out the best deal for you and chosen the unsecured loan that you wish to take, you are able to spend the money however you wish.
Since, these loans can manage without the requirement of any collateral; lenders would want to make sure that the borrowers who opt for unsecured loans have the capability to repay the respective cash amount.
The eligibility criteria:
The candidate should be a proud citizen of UK.
He/she has to be above the age of 18 years since that is the legal age to avail a loan.
Having a valid bank account for the cash to be deposited is a compulsion.
You have to be a permanent employee receiving a steady pay.