Unsecured loan, unlike the secured ones, do not require you to furnish collateral and therefore could be most suitable for you if you are currently living with your parents or living as a tenant. Thus, these loans prove to be low-risk loan products for you, the borrower. You don’t run the risk of losing anything even if you fail to repay the loan amount on time. Absence or risk is therefore the chief advantage of the unsecured loans. Other advantages are:
1. Quick turnaround: You may be accepted very quickly after applying. Since these loans are very lucrative for the lenders, they don’t hesitate much.
2. Quick processing: Since there is no collateral to be evaluated by the lender, unsecured loans are processed very fast.
3. Less documentation: Absence of collateral also means that there will be less paper work.
4. Fast disbursal: Quick turnaround, quick processing and little paper work together help the lenders disburse the unsecured loan quickly to the borrower.
5. Flexibility of use: www.longdogfinance.co.uk