Per Clear Score – a credit report firm, around 18 million or 37% of Brits have poor credit score. The firm did a simple survey to see how many people spend more than 30% of the money available to them. And it was whopping number. People do not realize but in the long run, spending more than you can earn affects your credit score adversely and leaves you out of the system of bank credit and mortgage. With a low credit score, one is forced to look beyond the traditional banks and money lending institutions as they require a basic minimum credit score.
What are Unsecured Loans?
Basically, Unsecured Loans taken by people to fulfill their personal financial needs wherein they do not have to provide any collateral security to the bank. These individual requirements arise only when expenses to be incurred are urgent and finances are limited. Such expenses could be anything from going to another country for higher studies or to get rid of with credit card debts. Unsecured Loans have become an utmost necessity for consumers at large to compensate for their monetary issues.
Some of the best Credit Brokers in UK economical market are Loan In Hands and OnStride Financial among many others. The key benefits of taking an unsecured loan from such brokers are illustrated as below:
- Eligibility to apply for an Unsecured Loan: Any individual who is residing in the UK and attained the age of 18 years or above can apply for a loan to the credit broker. He should also be in employment with a regular income and must own a genuine bank account with a debit card to receive the transfer of funds. Self-employment is also acceptable in a few cases.
- No Fees charged in Advance: One of the most attractive features of taking an Unsecured Loan from such brokers is that it is Free and there are no application charges. The Broker charges only the commission fees from the lender which is not the part of the loan.
- Smart financial services through Online mode: It is quite convenient to apply for a Loan through online operators. What you need to do, is just file an application form with your personal details. Further to that, the credit broker shall match your application with the suitable lender and once the application is approved. Once approved, the loan is transferred within a few minutes. You can take the loan and use as required. This online method of lending and borrowing saves time and effort of rushing to various fiscal units.
- Multiple Lenders: The above-mentioned brokers deal with trusted lenders and reputed companies. Therefore, the chances of wrongful practices or deception are very minimal. However, it is always advisable to do complete research before making any move with the finances.
- Loan without Collateral Security: No house, car, jewelry or any other asset guarantee is required to be offered to the lender against Unsecured Loans. The brokers set up a match of the lender with the appropriate borrower and make them transfer the funds to each other after the necessary application and approval.
- Cheaper Interest Rates than Bank Loans: The interest rates at which the borrower needs to repay back the loan to the lender through Credit Broker are much reasonable and cheaper in comparison to the repay rates of bank loans.
- Independent and Unbiased: The online credit brokers, in a way, acts as a middleman between the lender and the borrower. They are independent entities and do not have any kind of mutual relationships with any of them. Therefore, the decisions made by them are fair, final and should not be questioned in any manner.
- Credit Worthiness: Every money lender registered with the online stock brokers have their own reimbursement criteria. There are many of them who considers borrowers with adverse credit ratings also. It is an added advantage for the borrowers since those who have credit problems can apply too for unsecured loans at times of financial difficulties without worrying.
- Repayment Policy: Before applying for the loan, it is recommended that the borrower must do a detailed analysis so as to how he will repay back the loan. The lenders do provide loans to borrowers even in case of bad credits but do verify that the borrower must be in a capacity to repay back the loan in time.
- Customer Satisfaction: The primary aim with which the online brokers work is to provide maximum satisfaction to its customers. They analyze each and every customer’s needs, choose the lender, based on their lending criteria and then process their application. They guide them through the whole loop until the money is successfully transferred and repaid. Thence, the customers can repose their complete trust on the broker with its finances.
Unsecured loans are the basic requisite of the financial industry and it must be regulated by concerned authorities to keep a check on misuse and unethical behavior of the borrowers.
It must be taken care that the format of unsecured loan should never be damaging to the economy and unnecessary money should not come into circulations. It must be a simple, organized and hassle-free experience for both the lenders and the borrowers. It is into existence because of the people’s demands and to suffice their critical situations.
A proper structure is to be followed for transparency and timely disbursement of funds. Repayments should be made as early as possible and quick stern action should be taken against those defaulters who could not repay back on time so that the same is not repeated in the future.