Unsecured loans are available from a wide range of lenders these days, and these loans are available to both homeowners and non-homeowners. However, you will generally need to have good credit to qualify for an affordable unsecured loan, as most lenders will not take the risk of offering unsecured finance to someone that has had credit problems in the past. If you do have good credit then you can enjoy a choice of unsecured loans, and the good news is that rates have started to come down on these loans following the Bank of England interest rate cut in December.
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There are a number of benefits to consider when it comes to unsecured loans, and this includes:
1. An unsecured loan is not secured against any asset and is instead based on trust and contract. This means that if you do fall behind on repayments - although this is not advisable due to the effect it will have on your credit - you will not be risking losing your home or any other asset.
2. You do not have to be a homeowner in order to qualify for an unsecured loan, which means that you can opt for this type of loan even if you are living with family or renting. This makes this type of loan more accessible to those with a decent credit rating.
3. With unsecured loans that repayment terms are shorter than with secured loans, and this means that you will be free of debt more quickly than you would be with a secured loan. Repayment terms can vary depending on which lender you choose, with terms ranging from one to ten years available, with the norm being around one to five years.
4. Unsecured loans are quick to process, as there is very little in the way of checks to carry out. There is no need for a property evaluation, and the only details that you will need to confirm are details such as your income. This means that you can get your hands on the money that you need more quickly.
5. You can enjoy a wide choice of lenders when you opt for an unsecured loan, ranging from High Street banks to Internet only lenders. This increased choice makes it easier to find a loan and interest rate that suits your needs.
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