Friday, May 2, 2014

Would You Like Some Money to Spend Any Way You Like? Have You Tried an Unsecured Credit Loan?

Being one of the most sought after loans, unsecured loans offer freedom not available with other loans such as car or home loans. Unsecured loans offer the freedom to spend any way you like. They do not require any collateral such as a home or a car or other valuable asset. Plus, they offer rather generous amounts and rather convenient terms. If an emergency arises, if some of your day-to-day activities require some extra cash, if you need to purchase something you would really like to fill some need, then an unsecured loan may offer the most appropriate type of loan for your needs.

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Who Can Get an Unsecured Loans?

Invented by traditional financial institutions sometime ago, a number of entrepreneurial lenders have taken to marketing these loans and they have become a large part of the financial scene. But there are differences between how traditional lenders offer their loans versus non-traditional lenders. Traditional institutions usually offer signature loans to good customers with exemplary credit scores. Non-traditional lenders will offer loans to anyone with the wherewithal to repay, regardless of credit history.

Where Are These Lenders to Be Found?

Lenders who offer unsecured loans are common. They can be found on the Web or within phone books. Look for these key phrases: Cash Advance Loans, Pay Day Loans, Unsecured Personal Loans. Before you go into the establishment itself, investigate a number of lenders so you can see who offers the best amount with an acceptable interest rate. The more you shop, the better the chances to finding a lender who offers terms attractive to you. If you should find a lender on the web, you will probably be able to make an application right there. Sometimes the whole process can be done on the internet, but you may have to show up at least once, either to prove who you are or to pick up your loan check.

What Is Required to Get an Unsecured Loan?

Unsecured loans are granted without benefit of any collateral. The lender has some requirements to lessen the risk. Before approaching such a lender you should gather the documents you will need beforehand. Your checklist:

1) Government Photo ID (Driving License, Military ID, Passport)
2) Pay Stubs for Three Months (Printouts for Direct Deposit)
3) Three Months of Bank Statements
4) Blank Check
5) Social Security Card
6) Proof of Residence (Utility Bill with Name and Address)

Some lenders may require a bit more documentation, but these should suffice for most unsecured loan lenders.

How Will I Repay the Loan?

Usually an unsecured loan will come due within the month, or sometimes when the next pay period of the borrower rolls around. The loan is paid by bringing the cash to the office and reclaiming your personal check, or authorize the lender to cash the check. Extensions may be granted, but most financial advisers warn consumers against this. Getting an extension requires higher interest rates as security. After a couple of extensions, the hapless borrowers may find themselves so deep in hock that they are soon making payments on nothing but the interest. You can see how this could drag a borrower down financially. Be warned. Defaulting on a loan of this nature will put your credit rating into a very deep hole. If you pay promptly, or even early, your credit history will get some very positive marks.

Having a lump of money to spend anyway you like is a great thing. But do not take out a loan for too frivolous a reason. And remember, the money is not free. An Unsecured Personal loan can be a very helpful thing; do not let it become a very hurtful thing.

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