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Unsecured personal loans: Lifeline for those who can’t consign any security

Financial crisis can arrive any time without informing. In such condition unsecured personal loans are better way to come out from such situation. These loans are good option for those who can’t place any assets as a security. If an applicant is not a personal property holder and living as a tenant he/she can also apply for these loans. Reason is that the applicant has no need to consign any security.

Unsecured personal loans have both advantages and disadvantages. Advantages almost go in borrower favor because he has/she has not submitted their asset as a security. Borrower must consider all terms and conditions before applying such loans.

Advantages of borrowing these loans are:
Tenants can also apply for these loans as they will not have to consign any personal asset as a security. Applicant can easily apply for these loans through online facility which has been provided by the lending institutions. After acceptance of obligatory terms money will be transferred into the applicant’s bank account. If you have good repayment skills you can also extend the money range till £25000.
This facility can be availed from 1 year to 25 years. Amount that has been rated for borrowers is £1000 to £25000. This is how this finance facility is much faster and convenient.

Eligibility criteria:
Borrower should be above 18 years.
He/she must be a UK citizen.
An applicant monthly income should be minimum £1000.
Borrower must be working as a permanent employee in any association.
He/she must have an active bank account.

Disadvantages of borrowing these loans are:
If borrower is suffering from bankruptcy and unable to pay a repayment on scheduled time and considered as a bad creditor then the loan will be permitted on high interest rate. Large amount of money cannot be borrowed in this finance facility. In these loans only lender has a right to decide the amount and the schedule of repayment. Borrower will have to follow these rules.
In this case this finance facility is little rigid in terms and conditions.