Unsecured Cash Loans are the cash loans, which can be borrowed without offering any asset, mostly a property, as security for the cash loan. Therefore, unsecured cash loan can be borrowed by anybody, whether a tenant or a homeowner, with a clean credit record or with a bad credit record.
To get an unsecured cash loans, the only requirement is that you should have a steady income. As this loan does not need to provide any property as collateral. So, whether you are a salaried person or a self-employed, even if you are a student but have some income, you can opt for Unsecured Cash Loan. Moreover, unsecured cash loan can be used for any purpose, you want.
Usually, the loan amount in unsecured cash loan can range upto £15,000 but if you have a very good credit history you may be able to borrow up to £25,000. However, the loan amount also varies from lender to lender and borrower to borrower.
Cost of availing unsecured cash loan, i.e. interest charged on loan also varies from lender to lender. The interest rate is normally higher than a secured loan, because in case of secured loan, the lender's risk gets reduced due to the collateral. But in case of unsecured cash loan, lender has higher risk, which he compensates by charging a little higher interest rate.
Due to increased competition in loan market, at time lenders offer certain schemes and discounts to attract customer. So it is advisable to shop around before finalizing any particular lender.
The major advantages and other facts about unsecured cash loan are as follows;
· Loan amount can be upto £15,000, though it varies from lender to lender
· Duration of payment can be upto 7 years
· Interest rate also varies from lender to lender, usually higher than a secured cash loan
· Convenient to process
· Can be used for any purpose
· Can be borrowed by both tenants and homeowners
· Both Self Employed and Employed are eligible
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