The UK loan market caters to the financial needs of a homeowner easily. Best of the loan benefits are enjoyed by those with some collateral attached. We always see loan websites luring the homeowners with the best loan deal shouting out loud "Release tied up equity", "Better the equity, better is the loan rate". Now, the question arises as to 'how does a tenant meet his financial needs or emergencies?'
A tenant might not have a security to pledge unlike the homeowner, which makes his case a poor one from the lenders' point of view. The lender always looks out for lending loans to the one which involves less risk. With no security attached lenders turn down loans often, as there's a risk factor involved in making loan approvals to a tenant. The risk arises when the borrower fails to make the loan payment to the lender and he has no collateral to claim the money.
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No more do tenants face difficulties raising finance when they badly need it. 'Unsecured loans' bring the respite to them. How?
Unsecured loans simply implies loans raised without any security pledged against the loan. These are usually short term loans raised for a smaller loan amount. It serves both a tenant without a collateral as well as a homeowner unwilling to pledge his collateral.
What's more interesting about these unsecured loans is that the borrower confronts no risk in case of failure of loan repayment. Unlike the secured loan, he looses nothing, hence he's risk-free.
Look at the host of advantages of an unsecured loan:
-Loans without any collateral pledged
-Quick loan approval as no collateral to be verified
-No risk of losing out on collateral
-Raised easily for small loan amount
-Any purpose loan
-No adverse or poor credits stops one from availing unsecured loans
-Short term loan
Although poor credits of a borrower does not impede him from availing the benefits of an unsecured loans, his good credit standing will definitely bring down the Annual Percentage Rate(APR) or interests on loans. If a borrower has faced County Court Judgement, mortgage arrears, or has defaulted on loan payment it reflects badly on his credit report and he's considered to have poor or adverse credits, it could affect the loan rates.
Unsecured loans will help tenants face the uphill struggle of the property ladder even without a security!
Also saves a lot of borrower's time which otherwise goes wasted in valuation of property and funds can be raised easily to meet all immediate needs.
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