Unsecured Personal Loans: Viable Options for Tenants

By: Aisha Cristal

If you are looking for a smaller loan amount, and not willing to put any of your assets as collateral, then an unsecured loan would be a feasible loan option for you. Many homeowners prefer this loan option because of this reason only. On the other hand, this loan option is considered as a boon for the tenants. You can meet most of your needs with this loan type.

Usually, the lenders offer a loan amount from ? 500 to ? 25000. The repayment terms are shorter with this loan option. The lenders offer 1 to 10 years of repayment term. So, if you think that your need can be fulfilled with this loan amount, then you can go ahead with this loan type. Since, the repayment terms are shorter, so the lenders usually offer a fixed rate of interest. However, variable interest rates are also offered by the lenders. If the rates are variable, then it can go up and down according to the base rates by the Bank of England.

The credit score is a crucial factor for availing unsecured personal loans. The lenders prefer to offer unsecured personal loans to those who have a good credit score.

The first and the foremost benefit with unsecured personal loans is that you can avoid the threat of repossession of your asset which you have kept as collateral. Secondly, you can procure loans fast, because the valuation of the property doesn't take place. Above all, there are fewer hassles, as less paper work is involved in this case.

There are various lending institutions available in the loan market, who can offer you unsecured loans. You can approach high-street banks, building societies and the private lenders across the UK. Approaching a private lender could be a wise move, as they are offering the loans at competitive interest rates. You can seek an unsecured loan online and can get the loan quotes from the lenders.

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