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Quick guide to unsecured loans lenders

What is an unsecured loan?

Also known as signature or personal loan, a loan is unsecure because it is not collateralised. In turn, the interest rate is higher and the repayment conditions are stricter. Though this kind of loan is inflexible, it is a suitable short term loan (not exceeding 5 years) for small and unexpected expenses. (Do read the specific conditions of unsecured loans lenders that interest you.)

Unsecured loan providers

Bank of Scotland

Borrow from 1,000 to 6,999 pounds and repay from 1 to 5 years. Apply online in 10 minutes and get an instant reply. If approved, the funds are transferred to your bank account in 24 hours.

Eskimo Loans

Borrow from 1,000 to 4,999 pounds and repay from 1 to 8 years. If approved, the funds are transferred to your bank account in 24 hours.

Post Office

Borrow from 2,000 to 25,000 pounds and repay from 1 to 7 years. You must prove that the loan is less than 75 per cent of your gross annual income.

What you need to apply for a loan

You need to have a contact number and a permanent address on file. You should be employed for at least three months and meet the minimal monthly income requirement. A good credit rating is preferable.

Examples of unsecured loans

Personal loans, credit card debt, credit lines and bank overdrafts. These loans can be used to pay for tuition, computer related purchases, repair work and so on.

What if you fail to repay on time?

Unsecured loan lenders can increase the interest rate or in extreme cases, file a lawsuit.

 

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