Tuesday, May 6, 2014

Unsecured Loans - Money When You Need It, No Questions Asked

People always have a need to borrow money. Some need to buy a car or a house, others - to fund their education. There are also people who just need cash to cover some unexpected expenditures or to patch some holes in their household budget. For those of us, unsecured personal loans are often the best option, as lenders issue such without collateral requirements, such as a home or a car, neither do they ask where the money is going to be spent. Unsecured personal loans are perfect for people who do not possess any marketable property to present as collateral or who do not want to go through a lengthy process of appraisal, verification, and underwriting.

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What Unsecured Loans May Offer to Borrowers

Unsecured loans are among the fastest ones to get, as most procedures required for secured loans, such as mortgages or home equity lines of credit, are not needed. In fact, as unsecured loans are only credit-based, the only thing bank requires is a filled out application with authorization to access credit history of the borrower. While unsecured loans offer less generous amounts when compared to collateral-backed loans, some feature loan amounts up to $25,000. The repayment period vary largely, depending on several factors, such as bank policies, credit history of an individual, loan amount, and some others, and commonly range between one to 7 years. Interest rates, while being lower when compared to credit cards, are slightly inflated, as lenders undertake higher risks when granting loans without any backing in form of personal property.

What Requirements Do Lenders Set

As was mentioned earlier, unsecured personal loans are credit-based, meaning that past credit performance of a prospective borrower is the most important metric used by lenders. Therefore, the better your credit history is, the higher your chances of getting unsecured personal loan. It does not mean, however, that people with less-than-perfect credit do not qualify. Most people with mediocre and even low credit scores may be eligible for unsecured personal loans, as lenders consider other factors outside credit performance when making loan decisions. As lenders use statistical equations and probability theory when underwriting loans, most commonly people with higher credit scores may qualify for lowest possible interest rates, longest durations, and highest loan amounts, while people with past credit problems may only get a chance to borrow modest amounts for a short period. Aside from accessing credit scores of potential borrowers, lenders pay attention to such factors, as length of uninterrupted employment, amount of disposable income, family size, and many others.

Where to Find Unsecured Loans

As the monopoly of banks had ended, there are many lenders, both traditional and non-traditional, that offer unsecured personal loans. Information technology along with increased competition had made loans widely available and highly attractive to consumers. Virtually all lenders offer extensive information about their loan products online, as well as have secure online processing capabilities, allowing potential borrowers to apply online and get a preliminary decision within minutes. In addition, many loan-granting institutions offer special online rates, as online processing costs them less money, since there is no need to maintain costly branches and retail offices. Therefore, your best bet to find a decent unsecured personal loan offer is to look for lenders online.

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