Secure Your Needs With Unsecured Loans

By: Ashley P Lewis
Unsecured loan is collateral free loan. It can be availed by borrowers who do not have or who do not want to pledge their asset as collateral. This feature has made unsecured loan popular amongst tenants and non-homeowners.

This loan can be used to meet needs like home improvement, car purchase, consolidating debts, vacation and wedding expenses etc.

Today, unsecured loans are gaining popularity as one is not required to put his asset on stake, and so the borrower feels easy and comfortable. But if you are unable to repay the loan, the lender has the right to pursue legal action against the borrower.

Unsecured loan requires no collateral so; lender considers borrower's present employment, past credit record, repayment ability, salary or annual income before lending the loan. Once the lender feels satisfied of your repayment ability, the loan gets sanctioned very easily.

In unsecured loan, lender lends the amount that ranges from ?1 000 to ?25,000 with a repayment term of 6 months to 10 years. The rate of interest is slightly higher in case of unsecured loans as there is no security offered for the loan amount.

The borrowers with bad credit history like IVA, CCJs, bankruptcy, arrears can also avail unsecured loans. They just need to convince the lender of their repayment capability which is shown in their income and bank documents.

Borrower can get unsecured loan from banks or financial institutions. They can also opt for online processing of the loan which is considered to be easiest and fastest. You are only required to collect the interest quotes and then you can select the best option amongst them.

Unsecured loans are collateral free loans and this is the reason for its growing popularity. It has become the first choice of the tenants, non-homeowners, homeowners, salaried and self employed people.

Unsecured Loans
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