Unsecured Loans – Personal Loans From Direct Lenders
- Often referred to as personal loans, they are a great way to borrow larger amounts of money.
- They can be used for any purpose, with new cars, home improvements and debt consolidation being popular uses.
- There are even options to lend if you have been refused before due to bad credit.
Are you looking for a quick and simple loan to take care of an urgent financial issue? An unsecured loan is one of the best options available today for those times when you need cash urgently.
However, there are a few things you need to know and be sure of before you go searching for an unsecured loan lender.
What are unsecured loans?
Unsecured loans, also called personal loans, are loans that you can borrow from a lender and pay back within a specified period of time in fixed monthly repayments. In an unsecured loan, the borrower does not have to provide any form of assets as collateral.
What are the advantages of online unsecured loans?
Unsecured loans come with many advantages. For instance, you can easily apply for the loan online without visiting any office at all and have the money in your account on the same day or even within a few hours. You can apply for the loan online without having to fill in a lot of paperwork.
The loan also allows you to borrow small amounts that can be paid back comfortably without stress. However, keep in mind that since the loans don’t require any form of collateral, they come with a higher interest rate than secured loans.
Where can I get an unsecured loan?
If you have been denied a loan by a credit union or a bank or you are looking for a reliable unsecured loan lender with clear and straight-forward terms, then you’ve come to the right place.
At LoanLoad.co.uk, we will help you avoid the hassle of driving all the way to different lenders or waiting in long lines to apply for a loan.
We help you to find the best unsecured loan lender in the market from the comfort of your home. Simply use the loan calculation tool on our website to find reputable lenders and exactly how much the loan will cost you in the long run. If your application is approved, you’ll have the cash sent to your bank account as soon as possible.
If you have been turned down by banks and credit unions, we provide you with an even easier alternative to help you deal with financial emergencies and other unexpected expenses such as car breakdowns, medical bills, groceries, and much more.
Is there a limitation to what I can use the unsecured loan for?
Not at all. Many people take unsecured loans to take care of just about everything from car repairs and home projects to any other urgent need for cash. However, we advise you to always have a clear idea of how you are going to use the money before you borrow.
You also need to be sure of how you will manage the payment schedule and loan terms before you commit yourself to the unsecured loan. The loan is a better alternative to pawning your valuable possessions and can be used for any emergency expense.
How much can you apply for in an unsecured loan?
The amount you can apply for depends on the lender. With most lenders, new customers can apply for any amount ranging from £150 to £1,000. Some even allow applications of up to £5,000 for regular customers with good repayment records.
What are the benefits of unsecured loans?
There are many benefits of unsecured loans compared to secured loans including the following:
- Unsecured loans are more available and accessible than secured loans. You can even apply for the loan online from the comforts of your home.
- In an unsecured loan, the lender does not require any form of security or collateral
- The loans allow flexibility in terms of loan amounts that you can borrow and repayment terms.
- The loans come with a fixed interest rate which shows you how much you’ll be paying every month.
What do I need to consider before applying for an unsecured loan?
There are several things you need to consider before you commit yourself to an unsecured loan, such as:
- It can be harder but still possible to get approval from a lender if you have bad credit rating
- The lender may offer a smaller amount than you would get in a secured loan
- If you fall behind on payments you may be charged late payment fees and your credit rating could be adversely affected
- Timely payments will help you qualify for higher amounts and have a positive effect on your credit rating.
What is the typical cost of unsecured loans?
All loans, whether from a bank, credit union, direct lender, or any other financial institution, are charged on interest based on what you have borrowed. They have a fixed annual percentage rate (APR) that determines how much the loan will cost over a period of time.
The APR for unsecured loans varies from one lender to another and your personal circumstances. Some lenders base their APR on a credit assessment of your past borrowing records. You can easily use our loan calculator to determine the actual cost of your unsecured loan before you submit your loan application.
Is an unsecured loan right for you?
Anyone can apply and get an unsecured loan from a good lender but to determine if this loan is right for you, consider the following things:
- Check your credit rating to see if it can affect your application>
- Research for the best APR and loan terms that you are comfortable with
- Calculate the total amount you will repay including interest
- Work out how much you need to pay in monthly instalments and make sure you can afford the repayments
- Check if there are extra costs that you need to consider such as loan set up costs and early or late repayment penalties
You can easily find out the exact cost of the loan and how much you will repay back using our online loan calculator.
Keep in mind that there are other forms of loans available today that may be more suitable to your personal requirements. However, if you need a quick loan to handle emergency issues without necessarily having to offer collateral or physically presenting yourself to the lender, an online unsecured loan is your best option.
Make sure the loan not only suits your needs but can also be paid back in monthly repayments without exposing you to more financial stress. As usual, take the time to read the small print and the lender’s terms and conditions before you commit yourself to the loan.