Cheap unsecured loans are those finances which do not require any collateral to be placed. If the borrower defaults in repayment, the lender is at a loss. He will not be able to recover the loan amount.
These are personal loans. The borrower gives an assurance that he will repay the loan amount at the end of the term. The credit can be used to satisfy the immediate monetary needs of the borrower. It can be used to pay off electricity bills or pay for repairs. The lending institutions sanction amounts ranging from £1000 to £25,000 and these have a repayment term of 1 to 10 years. The finance granted under cheap unsecured loans depends upon the applicants employment condition and his repayment abilities.
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Advantages are as follows:
These finances are approved quickly.
There is no application fee charged so this reduces the overall cost.
The repayment period is flexible and very convenient.
These finances can be used for any purpose as there is no limitation on the expenditure.
Disadvantages:
There is generally a higher rate of interest charged due to absence of collateral.
People with a bad credit history will have to deal with a higher rate of interest than those with a good credit score.
Eligibility conditions:
• The borrower must be a permanent resident of U.K.
• The borrower must have completed 18 years of age.
• He must have stable employment, and a regular monthly income.
• He must have an active bank account.
Application:
The perfect way to apply for any loan is through the internet. Spending a few minutes on the internet will help you find the most appropriate deal. An online application form is easy to fill. The applicant must be careful while reading the terms and conditions. The form contains details like name, age, address, income proof, and residential proof and so on. Once this is done, the form can be submitted and after verification, the money is transferred to the borrowers account.
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