Cheap Personal loan, instant without security

Published: 25th June 2010
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Unsecured loans are considered a risk free quick remedy for your urgent cash requirements. These loans are available without collateral means the borrower does not need to put his/her property or other valuables as a security in order to avail the loan.

The basic difference between secured and unsecured loan is collateral. In secured loans lender secures the loan amount by making the borrower pledge his /her valuables or property as a security against loan but unsecured personal loans are obtained without any pledge as security against loan amount. This is a suitable loan product for people who do not own any property and other valuable things or who do not want to risk their hard earned assets.

Borrower can take these loans for any purpose whether to house maintenance, vehicle purchase, vacation etc. Infact, lenders put no bar on utilization of this loan. To avail this loan, borrower must have decent credit rating. Else, it will be very difficult for the lender to grant the loan because there is no asset to repossess in the case of default. The amount which can be borrowed under this loan product varies between £ 1000 to £ 25000 with a short repayment period of 1 to 10 years.

The basic eligibility criteria demands that you need to be a resident of the UK; 18 years and above in age with decent regular employment to attain this loan.

The process of getting this loan is quite smooth with minimal paper work and other formalities. The best way to apply cheap personal loan is online, as it will give the opportunity to compare the product of different lenders in order to avail the best deal.

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