How to apply for an Unsecured Loan

1

• Unsecured Loans
• An unsecured loan is also known as a personal
  loan and this type of borrowing is not secured
  against your property. This means that unsecured
  loan lenders cannot seize your home if you
  default on the repayments. It also means that
  these types of financial products are available
  to a broader range of people even if they arent
  home owners. You can obtain bad credit unsecured
  loans through companies that specialize in this
  type of lending.
• Unsecured loans can be used for any purpose. They
  vary considerably in terms of the amount
  borrowed, the repayment period and the monthly
  repayments. Thats why its important to have an
  idea of how much you need to borrow, what you
  need the money for and how much you can afford to
  pay back each month as this will enable your
  unsecured loan company to get the best deal to
  suit your circumstances.

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• Loans with Bad Credit
• These are available specifically for people with
  a poor credit record. This type of finance can be
  difficult to obtain but there are companies that
  can help. If your application is successfully
  accepted then not only will this enable you to
  afford lifes luxuries but, because you have been
  accepted, itcould also help your credit record in
  the future. It is important to bear in mind
  though that each time you apply for finance it
  will show up as a search on your credit report.

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• Advantages and Disadvantages of Unsecured Loans
• The fact that you dont risk losing your home is
  an obvious advantage. However, this type of
  finance can be more difficult to obtain than
  secured finance especially if you have a poor
  credit history. You must also bear in mind that
  interest rates are often higher for unsecured
  borrowing. Again your credit history can affect
  the amount of charges that you will have to pay
  and interest rates can be even higher in this
  scenario.
• Another advantage with this type of borrowing is
  that the rate of interest is fixed throughout the
  repayment term. This enables you to budget as you
  know exactly how much you have to pay back each
  month. On the other hand, with secured credit
  such as mortgages, the interest rate can be
  variable, which means that it will change in line
  with the base lending rate that is set by the
  Bank of England.

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• Advantages and Disadvantages of Unsecured Loans
• It is easy to apply online for unsecured credit
  through a credit broker, and the application
  process often takes only a few minutes. Once you
  have filled in the application the broker will
  assess your needs to determine what type of
  product will be the best for you. He will then
  contact providers on your behalf in order to find
  competitively priced financial products. You can
  often have the money paid into your bank account
  within a couple of days.
• Back on Track Loans offers a wide range of
  unsecured loan products at competitive rates of
  interest. Because they have more than 250 lending
  options available they can find low cost products
  even for customers with a poor credit history.
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