Instant Cash When You Really Need

By: Aisha Cristal

There is a general belief that people with affluent background can apply for loans. Now times have changed and various financial firms and banks are offering unsecured loans. If you don't have any property to pledge against the loan then you can apply for an unsecured loan. Nowadays loans have become a requirement of many individuals of lower or middle income group. Banks are catering to the needs of these individuals by offering such loans. If you have a property but don't want to take a risk then an unsecured loan is the best option for you. These loans are gaining popularity among the borrowers like tenants and non homeowners in the UK.

Unsecured loans are offered solely on the basis of borrower's employment and income earned. If you have a regular employment and you are a permanent resident of the UK then you can opt for an unsecured loan. Your current income is verified to check whether you are capable of repaying the borrowed amount or not. You can avail amount in the range of ?1000 to ?25000 through an unsecured loan. The amount would be based on your income and prevailing circumstances. Generally, these loans have a shorter repayment duration which may fall in between 6 months to 10 years. Previously, lenders tend to charge a high rate of interest to cover the risk factor involved in granting an unsecured loan. But now, lenders are offering the same loan at marginal rates to woo the prospective borrowers. Tough competition in the loan market is making the rates highly competitive.

If you have a bad credit history then also you can apply for a loan. Bad credit borrowers with defaults can apply for the sub-prime unsecured loans. The lenders who provide such loans are known as sub-prime lenders. Sometimes you may become a defaulter unknowingly in that case you may need a bad credit loan. You must have an advance repayment plan and a regular employment for such loans. Certain lenders also provide loans for the unemployed. Lenders provide these loans for earning high rates of interest. If you become jobless for temporary period then you can take help from these loans.

Unsecured loans can be sourced from various banks and financial institutions but it is preferable to use the online option. Online loans offer competitive prices and flexible terms and conditions. You can do a comparative analysis of different loan schemes of various lenders to choose the best plan for you. Online loans are cheap, fast and convenient.

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