If you are not having collateral you feel difficulty to acquire funds as the lenders feel at risk to lend you. But you need not worry now as the banks have come forward with the provision of unsecured bank loans. These loans are the ultimate tools for you to meet your financial requirement when you are unable to offer a security deposit.
How these loans have been designed
These are relatively short term loans that banks offer without asking you to deposit an asset against the loan amount. It relieves you from the fear of losing your valuable assets. Moreover, the banks are very reliable financial organizations that put you at ease while borrowing these loans.
The generalized statistics of these loans
Unsecured bank loans are the best ones if you need an amount ranging from ?500 to ?10,000 You have to pay a very competitive interest rate of around 15% APR. You are required to pay the loan back in 2 to 5 years depending upon the borrowed amount and your repayment capacity. You may enjoy better terms and conditions if you prove to be regular in repayment of installments.
The requirements
-you should be a citizen of UK.
-you should have a personal account in a bank.
-you should have a regular monthly income.
Places and procedures of application
To speed up the procedures involved in application and sanctioning the banks have made these loans available on the World Wide Web. Due to the ongoing competition in the market the banks have come up with attractive packages. A few minutes of search on internet is sufficient to locate a number of banking organizations offering unsecured bank loans.
You just need to search the bank offering the best deal as per your requirements. Now you have to fill an online application form giving the details of your requirement and your financial status. Your job is nearly done now. The lender bank now evaluates your repayment capacity and sanctions the amount accordingly that is instantly transferred to your bank account. The whole procedure does not take more than a few working days.
