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Guaranteed Unsecured Loans:Strengthen Your Financial Position

by Jim ONeil on September 8, 2010

in Bad Credit Loans

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You can still secure a loan even if you don’t have any property or a valuable item which you can use as security for the loan you are applying for.You can apply for a guaranteed unsecured loan if you are in such a situation.

A person can get a guaranteed unsecured loans up to a maximum of £25,000.00. The borrower is offered payment options that range from a low of one year to a maximum of 10 years.

Your application will be evaluated based on certain variables that will include financial position, payment capacity, loan term and credit status; a borrower can avail of guaranteed unsecured loans with lenders at affordable rates.

These loans are your best option if you are faced with the need to raise funds for your wedding, holiday, debt consolidation, purchase of a new car, continuing education and home repair or improvement.

You can use guaranteed unsecured loans to pay off your financial obligations without the usual trouble as the loans are approved and the funds are released without the attendant restrictions.

Borrowers can apply for this type of loan at anytime and without the fear of being denied due to low credit score.

One can rely on this type of fast cash loan regardless of poor credit standing as a direct result of loan default, pending debts, arrears, CCJ, insolvency and bankruptcy.

You are assured that these guaranteed unsecured loans will not involve any kind of credit check during the assessment of the application and before the loan is approved.

A less than perfect credit and financial profile is not an essential element as far as no credit check loans are concerned as your application will be based on other parameters which will not involve any credit check whatsoever.

Borrowers can file their loan application without the fuss and hassle that we normally expect from such task.

In fact, you can opt to file your application online such that you can conveniently submit your online application while in the office or while at home.

Your online application for loan uses a secure system and the information that you provide online will be treated with utmost confidentiality.

Guaranteed unsecured loans offer the best financial relief for borrowers who would otherwise not have the chance of getting approved with the regular loan packages that involve credit checking.

It also allows individuals to get their loans approved without requiring any property as security for the loan.

These unsecured fast cash loans are the befitting financial tool for borrowers in times where they are pressed for cash.

They can readily submit their applications with confidence that they can get an approval for as long as they meet the basic requirements set forth by the lending agency.

Borrowers are also given ample choices for the appropriate loan package that suit their lifestyle and present financial standing.

On top of all these positive features, the borrower can expect that they get their borrowed funds released in record time.

With all these benefits that one gets from a guaranteed unsecured loans, it is no wonder that it is considered as the next best option for those who need immediate cash but can not get it because of low credit score.

Guaranteed Unsecured Loan Requirements

Though increased competition has made guaranteed unsecured loans easier to obtain, many lenders still have specific requirements. Learning about these allows prospective borrowers to get things in order ahead of time, increasing their chances of qualifying for a loan.

This makes it faster and easier for anyone to get the cash needed.

Common requirements for a guaranteed unsecured loan:

  • Residency- in many cases, the lender will require that the borrower be a resident of the same country in which the lender operates
  • Employment- applicants must prove their employment status by providing current employer information. Lenders may verify this information to ensure that the applicant is a current employee, the job is steady, and paychecks are regularly scheduled.
  • Income- some lenders require a minimum level of income to qualify for this loan. They want to make sure the borrower is able to afford and repay the loan.

Pros of Guaranteed Unsecured Loans

As mentioned above, there are several benefits to this type of funding. Borrowers should review these and compare them to the drawbacks in order to decide if a guaranteed unsecured loan is the proper financing for them.

Benefits of a guaranteed unsecured loan include:

  • No credit check
  • No documents to be faxed
  • No interview with a lending officer
  • No collateral required
  • No equity necessary
  • Simple and fast application and funding process
  • Application can be completed, submitted, and approved online
  • Some lenders offer an instant decision
  • Can compare lenders online to find the best deal
  • Helps people with poor credit improve their credit standing

Cons of Guaranteed Unsecured Loans

Just as there are many positive aspects to these loans, there are also several drawbacks and warnings. Being aware of these before applying for a loan will result in a lending experience free of surprises. Keep each of these aspects in mind when shopping for a loan.

  • Loans can encourage individuals to continue poor spending habits, worsening the financial situation
  • Should not be used to float from one paycheck to the next
  • Should not be used to purchase items that are not within budget
  • Failure to repay the loan on time results in additional fees and interest
  • Defaulting on the loan can eventually impact the credit rating

What to Look for in a Guaranteed Unsecured Loan

When shopping online for a guaranteed unsecured loan, consumers should look for several features. Finding a lender that offers each of these will make the process convenient and worry-free.

  • Completing a loan application should not obligate an individual to take any loan offered
  • Lenders should be willing to answer questions before, during, and after the loan application process
  • Loan application should be easy to understand, complete, and submit
  • Web site should be secure and guarantee applicant privacy
  • Lenders should respond promptly to submitted applications
  • Loan rates and terms should be clearly disclosed upon loan approval
  • Borrowers should have option of having funds directly deposited into their bank account

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