Britons are increasingly relying on unsecured personal loans to meet their financial requirements. With no security required and ease of availability, there is little surprise that these loans are becoming popular like anything.
The statistics show that an average consumer borrowing with credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,537 per average UK adult at the end of April 2007. The total personal debts at the end of the same period stood at £1,325bn. With roughly £1 million increase in every four minutes, Britain's personal debts are growing briskly. If we consider these figures in the light of the fact that the year 2006 saw a steep rise in the number of consumers against whom county court judgements (CCJs) were registered, the situation becomes grim. Nearly, 850,000 CCJs were registered last year.
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Unsecured personal loans can get you an amount up to £25,000. The repayment period can go up to a maximum of 5-10 years although you can get a loan for six months also. Similarly, many lenders have fixed the minimum loan amount at £500. Nonetheless, since it is between the lender and the borrower, the terms can be modified. The lender's policy also plays a significant role in determining whether you can be offered some concessions or not.
The most attractive aspect in unsecured personal loans is the absence of security. Another unique selling point is their quick availability. Borrowers don't like to be put on hold - they want quick answers to their financial problems. These loans involve few formalities and less documentation, resulting in quick processing. The more quickly your application is processed, the quicker will be the disbursal of the loan amount.
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