Unsecured Loan

What Type of Unsecured Loan is Right for you?

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Finding the right loan gauging your needs and necessities is not difficult. There are various types of personal loan available, which may fit into the different needs of different borrowers. An individual may lookout for a loan to use the money for repairing his vehicle, another individual may need funds to pay for the medical expenses, and another one may need to go on a vacation. So, how do you know what type of unsecured loan is right for you?

Listed below are several types of Unsecured Loans available in the UK:

Holiday Loan

If you are craving to soothe your wanderlust but do not have sufficient funds that are required for the plan, a holiday loan might be the right solution for you. You can use the money to fund the expenses of your travel and repay the loan amount in easy and manageable monthly instalments. Depending on your creditworthiness and credit score, the lender may set the rate of interest. Compare and pick a holiday loan that will suit your requirements.

Wedding Loan

Tying the knot in the United Kingdom has become an expensive affair with the average cost of a wedding reaching £32,000 in 2018. And research conducted by Equifax revealed that 29% of couples didn’t have a budget for their wedding. A wedding is a grand event and requires meticulous planning and budgeting. If you are falling short of a few pounds, you may opt for a wedding loan. A long-term wedding loan has to be repaid between one to seven years.

Short-term Loan

A short-term loan is nothing but an Unsecured Personal Loan with No Guarantor. It can be taken out without offering any collateral for a period of twelve months. The typical range of money that is offered by most of the lenders for this loan type ranges from £100 to £1000. These are quite handy for any financial emergency such as paying a credit card bill, fixing your boiler, etc.

How to apply for a personal loan?

Applying for a personal loan has become easier than ever before. Visit the website of the lender or credit provider to fill up the application form with necessary details. The lender will then assess your creditworthiness and loan affordability to make their decision. The information furnished by you in the application form will also be verified by the lender. An interest rate will be set by the lender considering your credit score. Mostly, the decision of the lenders is displayed on the screen within a few minutes.

Conclusion

You must know why you need the money and how much exactly you need in order to find the right unsecured loan for yourself. Before borrowing a loan, ask yourself whether you can afford to pay it back? Because if you fail to do so, your credit score will be damaged and once you end up with a poor credit score, it will become very difficult for you to find a loan the next time you need money. So, become a responsible borrower and only borrow what you can afford to repay.

To apply for an unsecured personal loan with us, click here.

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