What are Unsecured Loans?
Put simply, an unsecured loan is a loan that does not require any form of collateral. This means that you can quickly access this loan without providing anything as a form of security. You don't need a car or a house for this loan to be approved by the lender. Lenders will only consider your income, outstanding debts, and credit history.
Pros and Cons of Unsecured Loans
Before you apply for an unsecured loan, here are the pros and cons of this quick cash loan.
1. Pros
- An unsecured loan gives you the edge of quickly getting your loan in less time than a secured one. Clearly, you will have to provide several documents like the logbook of your car or the title of your home.
- If you default on your unsecured loan, lenders can't take any valuable assets. However, this is not the case with secured loans.
- Borrowers with good credit scores can get competitive interest rates like those for secured loans.
2. Cons
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- Lenders find unsecured loans riskier compared to secured loans. As such, unsecured loans often have higher interest rates to cover the risk to be faced.
- Defaulting on an unsecured loan can affect your credit score.
What are the Criteria for Applying for an Unsecured Loan in the UK?
Like any other licensed online broker, UKBadCreditLoans requires that you meet the following requirements:
- You must be 18 years or older
- You must be a permanent UK resident
- You must be employed and salaried
- You should have a bank account linked with a debit card
Where Can I Get an Unsecured Loan with Bad Credit?
Getting an unsecured loan with bad credit is easy. A direct lender or an online broker can give you one.
1. Direct Lender
Depending on a direct lender means that you will have to lias with one lender to determine whether they can offer you an unsecured loan. The process sounds easy, but you should realize that your options will be narrowed down. The chances of getting a loan are slim since you never know the best lender to turn to. Another issue with direct lenders is that you might not be cautious when evaluating whether they are trustworthy.
2. Online Broker
Dealing with an online broker gives you the benefit of connecting with many dependable lenders. For instance, at UKBadCreditLoans, we will connect you with industry-leading lenders, which means you can be confident when dealing with them. Another amazing reason to work with us is that we've simplified the whole process of securing yourself an unsecured loan when you need money now.
| How much can I apply for? | £100 to £5,000 | Zero-obligation quote |
| Length of the repayment | 1-36 months | Quick payout |
| Interest rates (variable) | 49.7% | Zero paperwork |
| Can I apply with poor credit standing? | Yes | Bad/low credit considered |
| Do I have to pay a lump sum? | No | Flexible repayment |
| When am I allowed to apply? | 24/7 | 2-min simple application |
Three Simple Steps to Get an Unsecured Loans from Direct Lenders
1. Get Started with an Easy Application Form
Fill out the online unsecured loan application form with your details. Your details will have an impact on how lenders will perceive you. Therefore, make sure you provide the correct details to ensure you get the loan without any hitches.
2. Wait for Instant Decisions from Direct Lenders
Since we have connected you to a large pool of reputable lenders, it might take a few minutes to introduce you to a lender that fits your financial needs well. But it won’t take long before we send you your decision from the lender.
3. Receive the Money Directly into Your Bank Account
If all goes well and you qualify for an unsecured loan, our lender will credit your account ASAP. There are no delays in our loan application process. They only need to ascertain whether you can comfortably pay for the loan.
How Quickly Can I Get My Money?
We strive to address your pressing needs with the urgency it deserves. Therefore, you should get your money within the same day if all your details meet the lender's requirements and both of you have reached an agreement. Get a quotation from us today and sort out some of the issues you've been thinking of solving.
FAQs
1. What is the Difference between Secured and Unsecured Loans?
Secured loans are personal loans that require you to provide collateral before accessing them. On the other hand, unsecured loans do not require any form of surety.
2. What Can an Unsecured Loan Be Used for?
You can use an unsecured loan from us for any personal reason. Once we have credited the funds into your account, you can use this money to pay for any expenses. However, it's advisable to put your money to good use.
3. Can I Get My Loan with No Credit Check?
At UKBadCreditLoans, we link you with the quickest and safest unsecured loans. To achieve this, a credit check is a must. It's a legal requirement that our lenders must uphold to guarantee that they provide loans to individuals who can afford them.