Quick Guide - Internet companies offering unsecured loans

What is an unsecured loan?

A loan that is uncollateralised is an unsecured loan. If you use the search engine, you will find many internet companies offering unsecured loans. This is a short term loan that is suitable for emergencies and small expenses such as repair work, computer purchases and so on.

What are the limits?

If no documentation is required, almost anyone can apply. Simply fill up the web form. If approved, the money is transferred to your account in 24 hours. Without providing documentation, you can borrow a maximum of 1,000 pounds and have up to 30 days to repay.

What are the interest rates?

The interest rates are high, ranging from 15 to 30 per cent. Therefore, the key is to look for low to zero interest rates. Of course, the loan will be attached to certain repayment conditions. You will have to read these before signing up. Zero interest rates are offered as a way to gain new sign-ups, but you will have to look for a new provider each time. If you are using the same provider, a good repayment history will get you better rates.

What is the required information?

  1. Your contact number
  2. A permanent address
  3. Employment history and references
  4. A bank account number

You should be of the minimum legal age and a citizen of the country to apply. You should be employed for at least the past three months and have an active checking account.

Some unsecured loan providers

Post Office personal loans, Eskimo loans, etc.

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