As the name suggests, unsecured loans is unsecured in nature which means that borrower is not needed to place any valuable security against the loan amount. In case of unsecured loans 1000 to 25000 is the range in which borrower can avail finances. The borrower is required to pay back this amount within time duration of 6 months to 10 years. The approved amount can be used for various purposes like house renovations, paying the rent, payment of household and utility bills, credit card dues, car repair, and purchase groceries and so on. Borrower can enjoy quick approval and if they repay this amount on time they can improve their poor credit records. Lender does not ask for any valuable possession such as car, house, and stock papers in the form of security. Unsecured nature is the reason for high interest rates charged on these loans.
To enjoy the benefits of unsecured loans borrower needs to follow certain mandatory conditions. These conditions require the borrower to be 18 years of age or more and a UK citizen. Applicant must have a valid bank account in his name in a UK bank. Also, he should be permanently employed and must be earning a sound monthly income. It is important to calculate one’s repayment capability before applying for these loans because any negligence in repayment can lead to bad credits. Borrower can easily apply for unsecured loans by filling the online application form available on the lender’s website. Borrower need to fill this no obligation application form with certain basic personal details. These details are then verified by lender and if he is satisfied then the loan is approved by transferring the desired cash in to borrower’s account within less than 24 hours time.
