Personal Loans Without Collateral

By: Shain Johnson

Each of us want to spend our lives in a luxurious way that may include a dazzling looking car, providing good education to children and exotic holiday trip during vacation. It becomes easy to take loan from bank when we have some security to keep fulfilling our dreams. But what if we can't keep any collateral due to some circumstances or don't have anything to keep. prove to be an apt financial refuge in that case.

Brief review

These loans will help you to get an amount between ?1,000 to ?25,000 without keeping any kind of collateral or security. The amount varies from lender to lender. The lender first checks the applicant's credit history before approving the loan. The applicant has to fulfill some requirements sought by the lender to be eligible for this loan.

Requirements of the applicant

&bullYou should have good earning and be employed for some years

&bullShould be a UK citizen

&bullShould have an active checking account in a bank.

Rate of interest and repayments

The rate of interest for personal loans unsecured type is basically fixed one but sometimes it may vary depending upon the bank's base rate. The rate to be fixed is discussed between the lender and the applicant depending upon the capability of the applicant to pay back the amount in time. The repayment tenure ranges fro 7 years to 10 years. The repayment has to be done on monthly basis.

Advantages of unsecured personal loans

&bullCan be applied online hence fast approval of loan

&bullLonger repayment tenure

&bullReduced rate of interest

&bullHelps the bad credit person to improve hisher credit score.

&bullNo collateral involved hence risk free for the applicant

Personal Loans
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