Unsecured Personal Loans: Collateral Free Aid

These mortgages are best for the homeowners and the non homeowners

. If one is facing scarcity of the money and want to get the loan which is collateral free then unsecured personal loans are the best for them. These mortgages are suitable for the people as they are convenient and hassle free. Anybody can avail these mortgages but before availing one has to fulfill some of the basic pre requisites of the mortgages:

Applicant must be the citizen of UK;

Applicant must attain the age of 18 years or above;

Applicant must possess a valid bank account in the bank of UK;

Applicant is doing a steady job and earning a sound source of income.

After fulfilling the eligibility criteria one can borrow the amount for their personal or for family use. The amount that the borrower can get with the unsecured personal loans ranges from 100 - 1500. The rates of interest of these finances are slightly high because there is absence of security which makes the interest high.

The amount can be used in many ways as it is up to the borrower that where he/she wants to use the money. Expenses are many the borrower can utilize the unsecured personal loans according to their needs and requirements like renovation of the home, debt consolidation, school or college fees, grocery bills, examination fees, wedding, traveling, medical or hospital bills, education needs, etc. Moreover borrower does not have to pledge any security against the mortgage. These loans are therefore risk free and that is why they are so much popular in UK.

Here, a bad credit holder can also apply for these mortgages. Bad credit score can be a hurdle in getting the unsecured personal loans. Bad credit ratings include:

Arrears;

Bankruptcy;

Defaults;

Late payments;

Missed payments;

CCJs, IVA, etc.

All the bad credit score are acceptable by the lenders. Amount has to be repaid on time otherwise penalty can be charged by the lenders as late fine.

by: William Hooker

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