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Oops! You’ve been swiping your credit card at restaurants, shopping malls and petrol pumps more than usual, and suddenly the amount has gone way over your budget. It’s time to get a grip over your expenses, but you need that additional financial support to push through. Unsecured loans from Loan in Hands is just the answer!
Whether it’s a medical emergency, extra money needed to complete a home project or just an additional boost for that family trip, Loan in Hands provides the best unsecured loans as an easy and quick solution to serve your needs.
What is an unsecured loan?
An unsecured loan is very similar to a personal loan or a signature loan, where you don’t need to pledge any asset with the banks. This kind of loan is usually approved after a background check of the borrower’s credit score. So, if you have a good credit score, you’re more likely to receive an unsecured loan than others. This type of loan is also processed faster and doesn’t have long-drawn approval procedures. The only drawback of an unsecured loan is that the interest rates are higher than secured loans. But this is because the risk factor is also higher compared to other loans and completely lies with the lender.
Key pointers of an unsecured loan:
- No security asset required
- Quick loan processing
- Short-term loan
- High interest rates
- Good credit score
Unsecured loans is fast gaining popularity in the UK as there’s no need to mortgage a tangible collateral. Credit cards, student loans and personal loans all fall in this category of loans. With the growing number of unconventional and peer-to-peer online financial platforms on offer, the unsecured loans UK is offering to its people is becoming highly attractive for the borrower. The competitive interest rates, quick processes and convenience of getting the loans while sitting in the comfort of your home, are all reasons that this type of loan has become a popular choice among students, businessmen and professionals alike.
How Should I Apply For an Unsecured Loan?
The main deciding factor for an unsecured loan is your credit score. So before you start applying for any unsecured loans, bad credit scores must be rectified. You can check your credit score through annualcreditreport.com. If your score is anywhere above 700 then you’re good to go. However, in case your score falls below 700, then the best solution would be to try to increase your score by making all loan payment before time, before the period leading up to your loan application.
Once you’re checked and rectified the above aspect, the rest of the process is pretty simple. Submit a valid identification card, copies of your salary slips as income proof and address proof documents with us. We will do the basic background check, and depending on your credit score we will provide the loan on a predetermined interest rate. Ideally, the better your credit score, the lesser will be your interest rates.
If all goes well, you can avail of amounts ranging from £500 to £50000 and this can be repaid within a duration of 24 – 36 months. The loan amount will be wired to your account immediately, there are no hidden costs or additional processes to worry about.
Why Should You Choose An Unsecured Loan?
Imagine a scenario where you have a financial emergency but don’t have any assets that you can keep as collateral. Traditionally, borrowers are required to pledge some asset as security in order to receive loans from banks and financial institutions. But with Loan in Hands, you don’t have to fret, your unsecured loan will be processed in no time without the burden of mortgaging a valuable asset.
The other reason to go for an unsecured loan is that, with today’s highly automated online systems the process of cross verifying applications and processing loans is much faster and simple than the other loan solutions on offer. With a good credit score, you will most likely get a competitive interest rate as well. Moreover, the risk of non-payment is taken up completely by the lender.
Are you still searching for the best loan solution? In the circumstance that you don’t have any collateral that can be kept as security with banks, or you don’t want to take the risk of a tangible mortgage, unsecured loans is the answer. Loan in Hands is one of the best authorised entities that can extend credit to cover your monetary emergencies.