Unsecured Cash Loans-a Secured Way to Secure Money

by : Andrea Fletcher

Sometime peoples like tenants do not have any property to put against a loan or simply they do not want to put their property at risk. Or sometimes when the need of cash arrives in their lives, they simply can not go into the lengthy process of property papers. They need the money as soon as possible. In these cases unsecured cash loans will prove to be the best option.

These loans are normally short term loan meaning cash is advanced to the borrower for a short duration of time which will be in between 10 to 30 days. That's why they are also known in market as short term cash advancement loan. Normally these loans are secured against the monthly salary of the borrower. Loan amount has to be repaid on the next payday as in the case of payday loans.

Some important features:

A huge amount of money can not be secured through these loans. But an amount in the range of ?200 to ?2000 can easily be secured. This money can spent for any personal need of yours. You can pay a medical bill; can go for a holiday trip etc. interest rate is high in case of these loans because of the absence of security against the loan. It will be in the range of 10% to 20%. But if you are having a good credit status and an enough steady monthly salary you can expect for a reduction. Bad credit holders can also apply for these loans.

Any UK citizen of age 18 or above can apply for these loans. You need to fill an application form online along with their personal information like - name, address, residential proof and income proof. And as soon as your loan gets sanctioned your money will be transferred to your account. For that you need to provide the lender your bank account number also. You can get a number of lenders online providing these loans.