Unsecured loans are loans which serve the people who are in the need of urgent money. These mortgages are especially meant for the bad credit holders like those who suffered with the arrears, defaults, bankruptcy, late payments, missed payments, CCJs, IVA, etc. All the bad records are acceptable by the lenders.
The most important feature of these mortgages is that the borrower does not have to pledge any security against the finances. These mortgages do not require any collateral to be put to against the loan. Moreover, credit check is not required by the lenders. Therefore these finances are risk free for the borrowers. Loan can also be approved without pledging any collateral. These are short term loans and the amount for these mortgages is also small.
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Borrower can avail the amount up to £100 and £1500 from the unsecured loans. Amount would be based on the borrower's income and the repayment capability. Its repayment term ranges from 14 to 30 days. Repayment should be done on time by the borrower otherwise he/she has to pay the penalty as late fine. As it is unsecured in nature as the name suggest, the interest rates will be charged slightly higher by the lenders. There are some of the pre requisites:
o Applicant must be the citizen of UK;
o Applicant must attain the age of 18 years or above;
o Applicant must possess a valid bank account in the bank of UK;
o Applicant is doing a steady job and earning a sound source of income.
Borrower can apply for the loan with the help of the online procedure. It is the most convenient and hassle free procedure. Borrower can get the amount within 24 hours of application but before that he/she has to fill up the online application form and borrower has to provide certain personal details like name, age, gender, contact information, address proof, account number, etc. Borrower can use the amount anywhere according to their needs and requirements like home renovation, debt consolidation, fees of the school or college, grocery bills, hospital bills, medical expenses, etc.
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