Imagine, falling into an emergency situation with an empty bank account. Does it raise your blood pressure? Doesn’t your happiness vanish? Indeed, it does. The matter aggravates when you have no one to bank upon, no property or asset to offer as collateral or you don’t want to put your beautiful home at risk, to get those much needed funds. Unsecured loans are the perfect instruments to rescue you from such a situation.
The greatness of unsecured loans is that they are designed for borrowers who do not have anything to offer as collateral. The lender who provides the unsecured loan has no claim to the property or assets of debtor, should they fail to repay the loan on time. Unsecured loans are given on the creditworthiness of the borrower.
There are many people in UK who have CCJs against them and are plagued by debt issues. The lenders, who thrive on interest they get on their loans, consider lending to such people a risky proposition. In order to counter the risk involved in such a loan the interest they charge on unsecured loans is often higher than the secured loans.
Since, there is no collateral, which the lender can possess and sell to recover his money in case of default, he wants to ensure the creditworthiness of the borrower before giving any loan. Unsecured loans, due to this reason are given after a thorough check of the borrower’s credit history and financial condition.
Unsecured Loans are a risky business, the lenders are wary of giving large sums as loan. So, the amounts given are smaller. Usually, with an unsecured loan one can get anything between £500 and £ 25000.
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As the name suggests, a secured loan is a loan given to the borrower on a condition that he provides the lender with something as a security to the loan amount. Generally, the security offered is the borrower’s home. The property pledged as the security is called collateral.
Secured loans are not risky for the lenders since they have something from which they can recover their loan amount, if the borrower fails to repay. For this reason, secured loans are offered at lower interest rates than the unsecured ones.
Secured loans are easier to get because of the collateral offered. The ability to offer collateral makes the secured loan accessible to a whole lot of persons. People who are otherwise unable to prove their creditworthiness can get a secured loan if they have something to offer as collateral for the loan.
Secured loans can be taken for a wide variety of purposes; in fact, any type of financial need can be fulfilled via a secured loan. Debt consolidation is one of the most popular reasons why people take a secured loan.
Depending on the value of collateral offered the loan amount can range from £3,000 to £50,000. The lenders are not hesitant to offer a higher amount. If they are satisfied that the collateral is of a sufficiently high value, they can even consider lending £100,000 or more.
The repayment options available with secured loans vary with lenders. Generally, they are based on agreement between the borrower and the lender. Repayment period might range between three years to twenty five years. A prepayment penalty may be charged if you repay the loan earlier than the agreed period.
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