There are two types of loans in the UK market today: unsecured loans and secured loans.
Secured loans require the borrower to furnish collateral in order to avail the loan amount. Unsecured loans have no such requisites. These loans can be availed by both the tenant and the homeowner.
Unsecured loans are loosely called tenant loans, as they are widely availed by tenants. However, they are not restricted to the collateral-less group of society. In fact, homeowners who are dubious about keeping an asset as security can very well avail these loans.
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Unsecured loans start from ₤500 and can go up to ₤25000. The repayment term varies from a year to ten years. These loans are basically short-term loans, in that they can be used for small and immediate monetary requirements. Unsecured loans can be used for different needs, like funding a holiday vacation, paying educational fees, making home improvements, purchasing a vehicle, consolidating debts etc.
However, there is a small disadvantage with unsecured loans. These loans come with relatively higher interest rates as compared to secured loans. The hike in the interest rate is due to the absence of collateral in case of unsecured loans.
Unsecured loans can be procured from a number of different sources, like traditional banking institutions and online lenders. The online option has gained tremendous popularity within financial circles, due to the choices it offers and the quickness and the convenience it provides.
One advice that can be given to loan borrowers is to take loans seriously and with proper research of the market. Comparison analyses always help in alienating the cod from the trout. There are a lot of loans in the UK market these days, and lenders are constantly advertising the perfect loans. However, some loans may come with carefully disguised charges, which may amount to a fortune when the borrower is through paying the instalments.
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