There are two loans in the UK finance market: secured loans and unsecured loans. Recent days have witnessed a distinct rise in the number of secured loans being procured in the financial market. The reason could lie in the array of benefits associated with secured loans – big borrowable amount, a long repayment period etc.
However, this does not diminish the demand for unsecured loans, which still holds pride of place among common folk in the UK financial market. Unsecured loans are fundamentally short-term loans. In other words, they are ideal finance to take care of small monetary needs.
Generally, the amount one can borrow with unsecured loans ranges from £500 to £25,000. The repayment period is between one to ten years. The loan taker is at a distinct advantage here. He does not need to furnish any collateral in order to avail this loan. The onus falls on the lender, who has to take steps to counter any repayment default from the borrower’s side. He invariably hikes up the interest rates, which is one drawback with an unsecured loan.
An unsecured loan can be deployed to meet many ends. It can fund a wedding, pay off educational fees, finance a vacation, fund a home improvement project etc.
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