Unsecured Consolidated Debt Loans & Risk Free Loans

By: Jennifer Morva

It often happens that we take several small loans without doing any systematic financial planning and considering the never lasting impacts of it. And the ever increasing credit card bills keep on growing so much that a time comes when even paying the interest becomes a mammoth task; leave aside the principal sum, possibly taking us to the level of an impending bankruptcy. Now a very probable case creeps in where we may be tenants or we may have our own houses but do not wish to keep them on risk as collateral. An unsecured debt consolidation loan can come as a rescue in such situations and one can even give an online application for it. An unsecured debt consolidation loan helps to convert all our outstanding loans into one single easily manageable debt. This helps us in a way that we end up paying one single installment at a specific rate as against many installments at different rates.

Unsecured consolidated debt loans: application procedure
There are plenty of websites through which one can quickly apply for online debt consolidation loan or one can physically visit the banks offering the loans. After getting the details of an individual, they send it out to some of the prominent lenders/banks in the industry. The processing of these loans is much faster as there isn't anything involved like valuation of one's property. The amount of the loan that one can entail depends on factors like individual's income and the credit history and self employed individuals can also apply for these. There are lenders who offer loans intended for those who have had mortgage and/or loan debts, or do not possess any proof of income or have been declined a loan in the past. But such bad credit loan comes with high rates of interest.

Unsecured consolidated debt loans: interest Rates, Rules and Regulations

An Unsecured Consolidated Debt Loans can be usually availed at 19.9% APR though the range of rates of interest varies from 7.4% APR variable to 41% APR variable. The rate increases for customers with extreme credit troubles.

The borrower has no risk in an unsecured debt consolidation loan where in they get it without having any risk of their property, whereas the lender is left with high risk. Therefore these often come at higher rate of interest. One must read properly the terms and conditions which are not in the favor of the borrower as the lender is at a very high risk. So it is becomes very necessary to explore the market. The loan market nowadays is very competitive and lenders don't leave customers easily which in turn makes the approval process to be fast. So if one does a rigorous search then can one can certainly avail a reasonable unsecured debt consolidation loan package.

Unsecured Loans
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