High Risk Unsecured Personal Loans: True Financial Friend

By: Johnty Flemming

Most of us would have faced such situations in our life when we want to take loans for fulfilling our personal needs but due to unavailability of any property with us or because we are staying with our parents we can't keep any collateral in the bank to obtain loan. Well such problems are not any problem any more. Here is a solution for all those who don't have any collateral to keep in bank to obtain loan- High risk unsecured personal loans.

Brief

High risk unsecured personal loans are mainly designed for bad credit people who don't have any collateral to keep for acquiring loan. Here you can borrow an amount between ?1,000 to ?25,000. The applicant has to fulfill some requirements kept by the lender in order to be eligible for this loan. The lender will also check the credit history of the applicant before sanctioning the loan. The loan will be sanctioned fast since there wont be any property and related document verification which take lot of time.

Requirements of the applicant

&bullMust be an UK citizen and above 18 years of age

&bullMust be permanently employed and getting a good salary and documents showing that

Rate of interest and repayments

The rate of interest charged in case of high risk unsecured personal loans is high since the lender's money is at risk because of absence of any collateral. The repayment has to be done as decided between the lender and the borrower. The down payment can range from10%-25% which varies from lender to lender. Timely repayments can help you to improve your credit score which will be useful in future when applying for loan and the defaulters will only worsen their credit score which may burgeon the rate of interest.

Advantages

&bullNo collateral required

&bullFast sanctioning of loan

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