A loan which is given to you without asking any type security against it from you is known as unsecured loans and when the repayment time is not that much long, it is called short term unsecured loans.
The money secured by these loans can be used for any personal needs like – starting a new business, settling down some previous debts, buying or renovating your house, paying a medical bill or going for an exotic holiday trip. You have the full liberty to use the money wherever you want.
Eligibility:
Regarding being eligible for these loans, you must be an adult and legal UK citizen. You good credit status will help you to buy one at very cheaper rate. But if you do not have good credit status then also you can apply. Sometimes, lenders may ask for co-signers having good credit status for security. Your monthly income gives some sort of relief to lender as these is no other security present here. Do not take these loans as non-timely repaying loan. In case of any default lender may file a suit against you and take full possession of your assets.
Loan amount, interest rate:
Through these loans a substantially high amount, up to £25000 can easily be secured. Interest rate vary from lender to lender and greatly depends on your present financial conditions, but it won’t cross the barrier of 15% APR. These short term loans have to be repaid within 2 to 5 years. These loans take less time for getting approval because of the absence of collateral. No property paper has to be processed here. So as soon as your eligibility is proved against the loan, you get your money.
Various UK banks, financial institutions are now providing short term unsecured loans. Online lenders also provide these loans. Going online will save your time and labor to a great extent and will get you the best deal.
Andrea Fletcher is an MBA with a Master's in Finance. She has an expertise in writing on topics related to finance. Here she shares her views on
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