If you are looking for a smaller loan amount, without putting any valuable asset as collateral, then unsecured loans would be a feasible solution to your need. There are many private lenders in the UK, who provide unsecured loans for different purposes.
The lenders can offer you a loan amount from £500 to £25000, and the repayment term varies from 1 to 10 years. The eligibility criterion for the borrowers is that he should be above 18 years of age and should be employed. In the case of the banks, they prefer to offer a loan amount to the existing customers of the bank.
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People take unsecured loans for varied reasons. It can be for the purpose of buying a car, going for a holiday trip, consolidating your credit card debts, or doing your home improvements. You need to seek a loan for different purposes.
There are many high-street banks, building societies and private lenders across the UK, who offers unsecured loans. However, the private lenders can offer you a loan on competitive interest rates.
The good thing with unsecured loans is that you don't have the threat of repossession of your property. Borrowers can seek a loan quickly as compared to a secured loan, because the lender doesn't go for the valuation of your property. Less paper work with this loan type makes the entire loan process easy. You will not be facing much difficulty in procuring this loan option.
But, before going for any loan option, you need to do a comparison analysis. You should compare the loan quotes with different lenders, and then need to evaluate the loans on the basis of their interest rates.
The credit score of the borrowers plays a vital role in the case of unsecured loans. The lenders prefer to offer this loan type to those having a good credit score.
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