Unsecured Personal Loans are a type of funding source that can help you meet planned and unexpected expenses without collateral.
You will pay down the debt in fixed equal instalments over a period of months. The term of these loans can vary from one to three years, depending on the amount you borrow, and you do not have to bear the risk of losing your valuable asset.
A lender still needs some sort of guarantee to get the money back, and thus they either charge slightly higher interest rates or prefer to lend money only to the people with a better credit record.
You can borrow between £10,00 and £25,000 depending on your income statement and affordability. We can help you get a better deal than those of mainstream lenders.
You can smoothly qualify for an unsecured loan provided you meet the following conditions:
Personal loans do not require collateral, and therefore, lenders require you to have a good credit rating.
Bearing the fact in mind that your credit report may not be impressive because of some unavoidable circumstances, a few lenders like us provide unsecured personal loans to poor credit people.
Note that bad credit personal loans carry slightly higher interest rates. It is always advisable that you should apply for these loans when you need money urgently.
You can take out these loans for various reasons such as:
If you have a very bad credit rating, you will likely have difficulty qualifying for these loans. Since these loans require neither collateral nor guarantor, the lender will never take on such a risk to lend you a big amount of money to save your financial interests.
If you need money urgently to fund emergency expenses, very bad credit loans with no guarantor will be a suitable option for you. These are small loans that exclusively have been designed to finance unforeseen expenses. Since these are small loans, you will pay them off in a lump sum.
These loans are suitable for funding only unforeseen expenses that you cannot put off at all. In addition, you can apply for these loans when you are to build your credit rating.
If your purpose is to improve your credit rating, the lender will likely put on instalment repayment. This is because only instalment loans contribute to building a credit score.
If you have started your own business, you will likely need some money to fund it. Unsecured loans can be the best solution even if you need slightly bigger money. This is why these loans are also called unsecured startup business loans in the UK.
These loans work differently from standard unsecured personal loans. Here is what you need to qualify for these loans:
If you need only a small amount of money to fill the gap in your savings, you should try to seek loans for the unemployed in the UK instead of unsecured business loans. This is because these small loans do not require any formalities to meet that the latter one follows.
Unsecured personal loans can offer you many more benefits than short-term loans. Here are some of them:
As the name suggests, secured loans are those that require you to put collateral against the loan and unsecured loans are those that do not use any security. Apart from this fundamental difference, the following table outlines the difference:
|Secured Loans||Unsecured Loans|
Focus Loans is not only a private personal loan lender but also a financial companion of Britons. You surely have better financial condition once you apply for unsecured personal loans with us.
Yes, the direct lender provides unsecured loans in a bad credit score. You just have to search for the lender to get the desirable approval with this constraint. But do not let yourself go confuse that lender will not check your credibility, for that they will consider your income source in order to give you the desirable approval.
Well, there are many direct lending companies that you can opt for but to choose the best is a test for you. To make your task easy, you can look for companies like Focus Loans or Loan Bank like that. It is called to be a test for you because no one knows the actual requirement of your situation so if you select the lender that can be convenient for you.
The type of unsecured loans, are known to be the best to handle because it does not concern you to present the collateral. The lenders have reduced the stress of the borrower so that they can apply with trust. Not only that, it helps you to get the amount depending upon the credit score and the income status.
Yes, you can get small loans with a bad credit score. It is because the direct lender accepts the applicant's request because sometimes, people lack in maintaining the credit score but they have a good source of earning that can count to provide the loan assistance so that they can solve the trouble with the help of instant disbursal.
You can be considered to get the loan even under the score of 550 if you have a good source of earning. The possibility is there but you have to be cautious about your interest rates because with the credit score of 550 it becomes very tricky for a lender to provide you with the desired amount. But if you think that your income is capable enough to handle the pressure of loan then by just filling the online application form, you can get the instant disbursal of funds.
The direct lender provides you with all the borrowings under the name of unsecured personal loans. It is you who have to match your need and get the favourable amount depending upon your credit score. However, if you are having the bolt of low credit score then also you can think of getting the amount from the source of direct lender.