Unsecured personal loans are the loans which are cash in advance from financial lenders and that too without any collateral. When it comes to finances, people usually take help from the near relatives, friends or from family members but it might happen that they also do not have money to provide to the individual. Here applicant does not have to pledge any security and no evaluation of credit ratings are required by the lenders.
Absence of the collateral is the main feature and with this feature borrower can easily meet personal needs. These finances accomplish the demands of the borrower. Amount and repayment term varies from person to person. The amount that can be availed is approved on the basis of applicant's income status and his/her repayment capability. A person can easily apply for the cash and use it for many purposes such as for home renovation, utility bills, consolidation of debts, room rent, school fees, traveling, credit card dues, electricity bills, grocery bills, etc. Borrowers with bad scores can easily apply like CCJs, foreclosures, missed payments, bankruptcy, IVA, defaults, insolvency, etc. These people have to pay high interest rate because of the unsecured nature and lack of collateral.
Here are some eligibility criteria which are necessary to be filled by the applicant:
Applicant must be the citizen of UK;
Applicant must possess a valid bank account in UK;
Applicant must attain the age of 18 years or above;
Applicant is doing a steady job and earning a sound source of income.
Interest rate is high here because the nature of these finances is unsecured. Unsecured personal loans are opted by tenants and non homeowners who want swift cash without pledging the guarantee. These are small term loans and amount that the applicant can avail can be used for many purposes. The amount that is available varies from £1000 to £25000 with easy repayment and installments. Applicant can benefit from repayment term which is up to 6 months to 10 years.
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