The trend of availing loans online is increasing rapidly among all - tenants, homeowners, property owners and students... People are increasingly opting for unsecured personal loans over the Internet. A recently gathered data reveals that nearly 11% of the total unsecured personal loans in the UK were availed online.
There are a variety of specialised unsecured personal loan products in the market - bad credit loans, business loans, car loans, career development loans, cosmetic surgery loans, debt consolidation loans, education loans, holiday loans, homeowner loans, home improvement loans and wedding loans.
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Pros of availing unsecured personal loans:
Research shows that the market for unsecured personal loans is on a steep rise. This can be attributed to its no collateral (no deposit against the loan amount), less paperwork (no red tape), quick service (fast loan processing) and no immediate risks in the event of repeated defaults or non-repayment clauses - subject to basic credibility parameters like past credit history and DTI ratio. The above-mentioned benefits can be availed by all, because these loans do not necessitate pledging collateral against the loan amount.
Unsecured loans:
Are ideal for small monetary requirements, as offering collateral may not be required; and for urgent needs, as getting into lengthy property evaluation procedures may not be feasible Are the only option for people who are unable to offer collateral, because they do not own one (tenants) or are living with their parents (students) Are a good alternative for people who are unwilling to get into property related legalities or risk their property for a small amount (homeowners and property owners)
Cons of availing unsecured personal loans:
If absence of collateral has benefits, it has shortcomings too. As the stakes are high for the lenders, unsecured loan seekers have to compromise with certain restrictions - limited amount (normally between £500 and £25,000), high APR (normally between 7.4% and 41%), fixed payback terms and non-negotiable loan clauses. Compare loans and then opt: As loan terms and conditions vary greatly, loan seekers must compare loans and opt for the most suitable one. The basis of comparison should be - monetary requisite and urgency; ability or willingness to pledge collateral; and APR and other loan benefits.
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