What is an Unsecured Loan?
Unsecured loans are financing solutions that don’t require borrowers to submit any collateral against the availed funds. A ONE LOANS knows exactly how it feels when you have to tell a lender, “I can’t put up my home as a mortgage, is there any other way, I could get the money. It will save my child’s career!” We understand that people don’t borrow money because they want to be rich; people borrow money because that’s the last option they have. Whatever, be the reason, you can always avail unsecured personal loans to fulfil your needs.
For Whom Unsecured Loans are Beneficial?
Typically, anyone can apply for unsecured loans in the UK but this borrowing option is helpful, especially for those who have a bad credit history.
When a borrower continuously misses his debt payments or is unable to pay at all then he is termed as a bad creditor. Bad credit hampers your financial well-being as most of the lending companies refuse to lend money to such individuals as they pose a risk.
This is where unsecured loans for people with bad credit without a guarantor provide the much-needed relief.
Understanding an Unsecured Loan with Bad Credit
There is a certain degree of risk involved in issuing instant unsecured loans for bad credit and hence most lending institutions and banks stay away from it. Secondly, no collateral financing solutions are quite different from the normal financing solutions in many ways.
The USP of instant unsecured personal loans is that you don’t need to put up any kind of security against the availed funds.
You are probably wondering, how is it possible to get such funds then because every lending institution wants some form of security like your car or house for securing the personal loan.
The good news is that an unsecured lending company normally issues such funds and the bad news is that you might have to pay a higher rate of interest for the funds. Here are some salient aspects of no collateral financing:
- Applications for unsecured loans for poor credit are processed much faster as compared to the standard car loansor home loans
- Due to quick processing, you will be able to receive the required amount in your bank account almost instantly
- You can use these types of funds for debt consolidation
- Instant unsecured loans for unemployed people with bad credit enable you to borrow any amount varying between £500 and £50,000 depending on your requirement and circumstances.
- Last but not the least; the repayment terms for no collateral funds are extremely flexible
- Unsecured business loans can be availed for starting a new business or financing the current business.
There is a probability that a no collateral lending company might levy additional charges because of your poor credit history but we charge ZERO fee!
We bring to your doorstep, a range of options concerning unsecured funds, and all you have to do is “pick your choice!”