One of the hazards of modern day life is the constantly rising prices. It has reached a stage when rarely will one find a commodity which can be purchased without much deliberation. In such a scenario loans become the only respite for any middle class household. They can be the only source if one plans to go for luxury items like cars etc. or if one faces an emergency like accidents, operations etc. which involves huge expenses.
Loans in UK can be classified broadly into two categories - secured loans and unsecured loans-Secured loans are loans which can be availed after placing some security against the amount that one want to obtain as loan. Unsecured loans, on the other hand, are such loans which can be availed without depositing any security against the loan that one takes. Since no security is required this type of loan can be availed by any one, irrespective of the fact that whether he owns a property or not. Another great thing about unsecured loans is the fact that since it does not require any security very little documentation is required and the formalities are done with very quickly.
Unsecured loans have plenty of benefits as well which makes it extremely popular amongst masses. The first major advantage of unsecured loan is consolidation of debts where in one can take loan from a single source and clear of all his debts in one go. This makes lot of sense for one now only has to bother about one loan rather than ten and the interest of lone thus availed is less as well which means that one is in a win-win situation.
Unsecured loans can also be availed to buy some useful articles for home, or for clearing bills or for paying college fees. Unsecured loans can also be taken for purchasing a vehicle or for starting up a new venture. However since no security is required the borrower need to fulfill certain conditions before the loan is sanctioned to him. Firstly, he should be employed and should have a regular income, then he should be of 18 years or above, and he should be able to produce his residential proof. Another highlight of this loan is the fact that people with bad credit history can also avail it.
The amount of loan in this category can vary between £1000 - £25000 which needs to be returned between 6 months and 10 years as the case may be. Interest rate of secured loan is deliberately kept high so that people think twice before opting for such loans.
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