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You Do Not Need Collateral To Get A Loan

by Jim ONeil on June 19, 2011

in personal loans

With a secured loan, the borrower must provide an asset that serves as collateral. If the loan is defaulted upon, the lender sells this asset to recoup the money it lent. Rather than putting things like antique jewelry or a small fishing boat on the line, individuals should look for unsecured loans.

These provide them with the cash they need without having to provide a prized asset in exchange.

People can get an unsecured loan of £100 to £1,500 rather quickly without needing collateral. Since these are payday loans, they must be repaid within 15 to 30 days. Borrowers face no restrictions in terms of purpose of the loan.

They often use the money to pay for things like car repairs, a personal emergency, utility bills, or medical expenses.

Since these are short-term loans that are needed quickly, they are not the loans cheapest on the market. However, consumers will find several options in terms of interest rates and fees. After comparing these and finding the best deal, they can begin the application process.

Even someone with poor credit can be approved for an unsecured loan.

No credit check loans like these are perfect for people who have CCJs, IVA, or bankruptcy on their credit file. No supporting documentation is required when the application is being completed. Consumers can apply online and receive cash within 24 hours of loan approval.

The lender transfers the cash directly into the bank account provided by the borrower.

A short-term unsecured loan can get an individual out of a difficult temporary financial crisis. As long as the borrower repays the loan in the designated timeframe, the interest will not be substantial. Anyone who needs a loan with a longer repayment period should look elsewhere for financing, such as through a bank or credit union.


I don't like them but that's just me.

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