A collateral-free borrowing means that you do not have to give any security to the lender. The benefits are manifold. Quick loan processing, no risk of repossession and an amount that may extend up to £25,000, marks the benefits of a collateral-free loan.
Collateral-free loan or an unsecured loan involves a higher rate of interest than that applicable to secured loans. The reason is the higher risk that lender has to assume in the absence of collateral.
Despite a high interest rate, an unsecured loan has a lot of following; for many people prefer a collateral-free loan. This helps people in avoiding the risk of repossession. It means that your assets are safe and cannot be repossessed by the lender - even if you fail to make good the repayment of your loan. However, the lender can initiate legal proceedings against you for non-repayment of the loan amount. You may be held liable as per the terms and conditions of loan agreement.
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An unsecured loan is appropriate in the following circumstances:Loan range: You can apply for an unsecured loan for as small as £500. The loan amount may however extend up to £25,000 depending upon your income and credit history. Short term requirements: If you need money for a period up to 8-10 years, then unsecured loans may help you. For longer periods, you should opt for secured type of loans. Tenants: If you are a tenant residing in the UK, you can apply for an unsecured loan. You must also be of competent age to enter into a loan agreement.
Unsecured loans are available throughout the entire loan market. You can also apply online for your unsecured loan. For this purpose, many lenders require you to fill an online application form and submit your details. Thereafter, the lender will process your application and come up with some loan plans that meet your maximum requirements. You can choose amongst the loan plans or may altogether discard them and proceed with a new lender.
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