Are you faced with a trying situation? You know you need the money but don’t’ know where to go? Every lender seems to be asking for collateral and you have no security to offer? …. Read on, because Unsecured Loans are just what you need!
An Unsecured Loan, just as the name suggests, is secured on nothing at all i.e. the collateral that is a requisite to attain a Secured Loan is unessential. Unsecured Loans are granted on the basis of your credit history and the repayment potential you convey to your creditor. These loans are tougher to obtain because they prove risky for the creditor, the obvious reason being lack of collateral. Lenders have nothing to bank on in case a borrower defaults in his repayments. To compensate for this, unsecured loans come with a higher interest rate and a lower loanable amount. The value of unsecured loans is limited to £25,000. The typical APR of an unsecured loan ranges from 7% to 30%. Although Unsecured Loans are unpopular compared to Secured Loans, they come with their own package of benefits.
Continue Reading>>
