UK LOANS | OVERDRAFTS | UNSECURED LOANS | SECURED LOANS | TENANT LOANS | PERSONAL LOANS FOR ANY PURPOSE | ADVERSE CREDIT
It is not just tenants that require unsecured loans or mortgage owners with bad credit, people who have equity invested in their property or who have a mortgage may simply not want to put their house at risk, this is the principle behind unsecured loans.
When it comes to lenders considering your application for an unsecured loan the ability to pay is their prime consideration, this can make it a bit tricky for the self-employed or people with irregular earnings, a few lenders may let you submit only one year off audited accounts from a certified accountant and some lenders may even let you self certify your own income, with this comes more risk and whether you are Self-Employed or have a high-paying job you will still have to pay a higher rate of interest then you would with a secured personal loan.
Apply for a Secured Loan | Unsecured Loan | Tenant loans
Unsecured loans
Unsecured personal loans like any other loan can be used for any purpose a lenders do not watch care what that purposes as long as they get their money back or with interest. Even if you do own property you may not want to use your home as security for obvious reasons, this is not a problem because the unsecured loan is the most popular of all so there are many lenders and packages available.
Advantages
- As above because you are not providing security your home cannot be taken from you.
Disadvantages
- Set-up fees, redemption penalties an of course a higher rate of interest are the main disadvantages of unsecured loans, it is important to shop around as many lenders rates vary.
Unsecured debt - a debt that is not covered by any kind of collateral (property, business etc)
Unsecured creditor - a person who is owed money by an organisation and but has not arranged that in the event of non-payment specific assets would be available as a fund out of which that person could be paid in priority to other creditors.
Bad Credit Unsecured Loans
This is Holy Grail of the finance industry. It is almost impossible to finding a willing lender who will touch anyone with a bad credit history and are looking for an unsecured loan. There are exceptions to this, for instance, if you are due a guaranteed pay out, whether it be from an accident injury claim, or you have just been on ‘Who Wants to be a Millionaire’, and you are waiting the mandatory ten to fourteen days for the cheque to pop through your letter box.
Also you may be classed as being high risk, for defaulting on one credit card payment. There are lenders out there that will look in more detail at your finance history and make an educated and calculated risk assessment on you.
These lenders though are high interest lenders and the interest can completely out weigh the use of the loan.
When you are in the position of not securing you advance, it will take an absolute eon to find a lender. Unsecured & Tenant Loans (UTL) will send your application out to the people who we feel can help you and get you the best deal that is out there for you.
Always make sure that the repayment plan can fit in with your budget, as too many people try to live beyond there means and end up not being able to make the payments, sending there finances spiralling out of control. more about bad credit loans