For all your personal needs if your salary isn’t proving that much then it’s time to start to apply for personal loans where the company won’t ask you the reason for borrowing the amount. It is one the best way to fulfil your dream which you have been holding from quite long. Now you can have the luxury of incurring some expenses at the time of wedding, or can renovate your house the way you want.
Small personal loans come in two categories- secured and unsecured. Both the categories have one thing in common and that is of online application facility. This online facility saves lot of time where earlier people used to travel to different offices in search of best company. not only the borrower even the lender is getting the benefits of this service as with the help of internet request he will be able to entertain more applicants then personal visit method.
Unsecured funds is more popular among the borrowers as this service don’t require any collateral neither it declines the application if the applicant hasn’t got any convincing credit history. They basically made funds available to those borrowers who need amount but cannot deposit any security against the amount. This factor has affected the amount range that is there for the borrowers to apply, £1000 to £25000 is the range which has been kept for applicants which is much lesser than if we compare it to range of secured funds. Since the lender already taking huge chance with his money under the heading of unsecured funds that’s why the amount range is kept small and interest rate is kept high. All those services in which the lender doesn’t keep any security always come with high interest rate feature. The borrower should select the company wisely and should not end up paying extraordinary interest rate.
Secured funds is the category which lenders favours most that’s why they keep the amount rage 4 times than that of unsecured funds that is £100,000 and the lowest limit is £500. The lenders charges lower interest rate and the amount to be lent depends on the calculated value of the collateral. Here the borrowers are at more risk than the lending party. The lender here provides 25 years’ time to the borrower for repayment.
Both the categories can be avail online depending on the monetary requirements and financial status of the applicant.
Ashley Lewis is a well known author and currently working as financial adviser. He has been writing articles on Fast Online Loans from long time. To know more about small personal loans, small loans without credit check, personal loans and small loans no credit check. Please visit at http://www.fastonlineloans.org.uk