If you are looking
for a smaller loan amount, and not willing to put any of your assets as
collateral, then an unsecured loan would be a feasible loan option for you.
Many homeowners prefer this loan option because of this reason only. On the
other hand, this loan option is considered as a boon for the tenants. You can
meet most of your needs with this loan type.
lenders offer a loan amount from £ 500 to £ 25000. The repayment terms are
shorter with this loan option. The lenders offer 1 to 10 years of repayment
term. So, if you think that your need can be fulfilled with this loan amount,
then you can go ahead with this loan type. Since, the repayment terms are shorter,
so the lenders usually offer a fixed rate of interest. However, variable
interest rates are also offered by the lenders. If the rates are variable, then
it can go up and down according to the base rates by the Bank of England.
The credit score
is a crucial factor for availing unsecured
personal loans. The lenders prefer to offer unsecured personal
loans to those who have a good credit score.
The first and
the foremost benefit with unsecured
personal loans is that you can avoid the threat of
repossession of your asset which you have kept as collateral. Secondly, you can
procure loans fast, because the valuation of the property doesnt take place.
Above all, there are fewer hassles, as less paper work is involved in this
various lending institutions available in the loan market, who can offer you unsecured
loans. You can approach high-street banks, building societies and the private
lenders across the
Approaching a private lender could be a wise move, as they are offering the loans
at competitive interest rates. You can seek an unsecured
loan online and can get the loan quotes from the lenders.