There can be no denying the fact that modern times have seen the unprecedented hike in the prices of goods. It has reached a stage today when not a thing can be purchased without carefully deliberating about the price that one will have to pay. In this scenario when the prices of every product is constantly on rise loans become the only respite for middle class household in entire UK.
Loans can broadly be classified into two categories in UK - Secured Loans and Unsecured Loans. Secured loans are loans which which require the applicant to place some security against the loan that he intends to avail. Unsecured loans on the other hand are loans which require no such thing as security for the loan that an applicant want.
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There are several reasons that go a long way in popularising unsecured loan. Its first major advantage is the fact that people with bad credit history can also apply for it. And secondly, since no security is required very little documentation is needed and the whole process is disposed of very quickly.
There are several advantages of unsecured loans. First of which is consolidation of debts which ensures that one avails loan from a single source and clear all his debts and that too at a lesser interest rate. It reduces the burden of an individual immensely for it helps him in disposing of all his debts and he has to only think about one debt to clear and not 10.
There are several purposes where unsecured loans can prove its worth. It can prove to be mighty useful if one is intending to buy some useful articles for home or for clearing up of bills or paying college fees. It is also useful if one plans to purchase a vehicle or for starting up a new venture.
However, since unsecured loans requires no security the applicant has to fulfill certain conditions before he can be granted the loan. First of all he has to prove that he has a job and a regular source of income. Secondly he should be over the age of 18 years and he should be able to furnish his residential proof.
The amount that can be taken as loan in this category varies from £1000 - £25000 and the repayment period can be anywhere between 6 months and 10 years. Another notable thing about unsecured loan is that the interest rate is deliberately kept high so that people think seriously before opting for this loan.
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