The general rule of getting a typical loan is that you have to place some guarantee or collateral against getting the loan. The people who have rich source of income, they manage to do so, but there are lots of persons (student, tenant, small businessman etc) who don’t have anything (money, gold, silver, land, house etc) to place it as collateral and avail loans. That is why, keeping this very view in mind, the lenders in the UK have come out with a brand new loan scheme called ‘Unsecured loans”.
Unsecured loans are basically designed for those people who are unable to put collateral against getting the loans. So, these loans carry high rates of interest. Unsecured loans gives you full freedom to get funds anywhere in the range of £1, 000- £25, 000 for the repayment period of 6 months to 10 years. You should repay the loan on agreed time to avoid penalty.
As lenders are not interested in credit check while granting the loans to the borrowers, so people who are suffering from bad credit scores such as CCJ’s, IVA, arrears, defaulters, bankrupts etc can also apply unsecured loans. You can use the loan amount to deal with a number of unexpected financial expenses such as house renovation, medical treatment bills, unplanned travelling, small weeding expenses, and child’s education fees and so on.
To get Unsecured Personal Loans, you need to fulfill following eligibility criteria-
You should be a citizen of UK.You must be employed. Your monthly salary should not be less than £1000.You should be at least 18 years of age or older. You should have a valid bank account.
The process to get unsecure loans is easy and simple. All you need to do is to fill an online application form with some basic information like your name, address, age, gender, Email ID, employment details, bank account number, telephone number etc & submit it online. No faxing of documents or dense paperwork is required. As soon as the loan gets approved, the loan amount is instantly wired into your account.