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Why Is The Tide Shifting In The Favour Of Unsecured Loans?

Written By Devi Kristanti on Tuesday, July 29, 2014 | 9:51 AM


Would you every want to risk your home for meeting the needs of life? Especially, when instances of home repossessions are increasing at an alarming rate. Gone are the days when the lenders won't let you avail a loan without a security in the form of your home. The innovations in the UK finance market and increase in lenders' competition has indeed done good for the borrowers. Now, there are risk-free borrowing options available.

Unsecured loans are gaining a strong foothold in the UK loan market. People have become quite protective about their assets and apprehensive about pledging them to raise funds. No body likes to put the home as collateral and go for a cosmetic surgery or a holiday. Borrowers don't mind paying a high APR on unsecured loans as this they consider better than risking their house.

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A recent survey by a leading commercial bank revealed that unsecured loans are most availed by those in their early thirties. People in this age, take loans for their living expenditures, shopping expenses, holidays, home improvements and luxury items like cars etc. They won't put their home as security for these short-term financial needs and to add some charm to the life, one can't risk home.

Unsecured loans, are therefore, quite popular among the folks. But, for getting it one should have a sound credit history, since this is eligibility criteria for unsecured loans. Both homeowners and tenants can procure unsecured loans [http://www.loans-bazaar.co.uk/unsecured-loans.html] that not only reduce the risk for the borrower but also offer freedom and flexibility in the usage of the loan money.

Unsecured loans can be used for n number of purposes. Nowadays, people take loans not only to fund necessities but luxuries. No body in the 19th century would have imagined a borrower filling cosmetic surgery as the “purpose” of taking loan in the application form. But, now it’s the most 'in' thing. So, whatever your purpose is, unsecured loans definitely eliminate the burden of pledging your home as collateral in lieu of the loan amount.


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