It is a known fact that for people who are capable of pledging collateral, secured loans are the best option. But, offering security against the loan amount is neither always required nor always possible, i.e., when the monetary requirement is small or urgent respectively.
Hence, unsecured loans can be a better alternative for homeowners and property owners, depending on the practicality of getting into property related legalities and risking the property for a small amount.
In addition, as every person living in the UK is not a homeowner or a property owner, these loans are the only option for people who are:
Its no collateral attribute in turn leads to less paperwork, quick service and no immediate risks in the event of repeated defaults or non-repayment of the loan amount. But, in the absence of security, the lenders has to imposes certain restrictions like limited amount, high interest rates, fixed payback option, and preset loan terms and conditions.
Based on usage, some of the most saleable unsecured loan products are bad credit loans, business loans, car loans, career development loans, cosmetic surgery loans, debt consolidation loans, education loans, holiday loans, home improvement loans, homeowner loans and wedding loans.
The basic approval criteria to avail any of the above-mentioned unsecured loan product remains the same UK residency, above 18 years of age, credit history, employment status and debt to income ratio (DTI = Income/Debts).
However, the APR (Annual Percentage Rate) varies according to the type and amount of loan required, desired payback option and period, past and current credit record and value of the pledged collateral.
Please note: Inability or unwillingness to pledge collateral is the basic criteria for opting for unsecured loans [http://www.go4ukloans.co.uk]. However, loan seekers must also give importance to APR and other loan benefits.
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