These are generally being found in secured and unsecured forms. A certain type of loans are being named as secured for getting which you have to place your property as collateral. Otherwise getting these loans is impossible. Therefore, non-homeowners cannot approach these loans because they cannot offer their home as the security. Others can borrow ?5,000 to ?75,000 for 5 to 25 years. The rate of interest of these loans is very low and you will feel no burden while going through it.
The unsecured loans are for all. The homeowners too can opt for these if they do not want to risk their property by keeping it as security. These are collateral-free loans and therefore, the offered amount is smaller. However, it is not so less and ranges from ?1,000 to ?25,000 for 1 to 10 years. You have to pay a bit higher interest rates in order to gain these loans. This rate of interest can be avoided by those who opt for other loans.
The purposes for which these loans are ideal include:
Improving home
Repaying debts
Arranging wedding
Medical treatments
Planning and going for holiday tour or
Buying a car
So, if you too are harassed with any of such problems then it will be best to get these loans. Even if you are a bad credit holder, getting these loans will be easy for you. The poor credit records that are considered to be acceptable in the personal loans are defaults, late payment, skipping of installments, arrears and Bankruptcy.
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