A borrower considers many things before plunging into a particular loan deal. Rate of interest, turn around time, repayment options, concern regarding security, tenure of the loan, etc., all are relevant for borrowers.
Every loan has its own advantages and disadvantages. No single loan can confer upon you all the advantages and keep you away from all the disadvantages. So, you have to make a choice. If you want a big loan amount, secured loans may be an appropriate option. If you want a short term loan without giving any security, unsecured loans may be a good choice.
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If you have preference for a loan that can be quickly processed with minimum of hassles then you should opt for an unsecured loan. The rate of interest is on the higher side when you compare it with secured loans but this disadvantage is more than overshadowed by the fact that you do not have to give any security to the lender. Despite a higher interest rate, unsecured loans are quite popular among the Brits. This reflects that a borrower gets a lot of other advantages that outdo the cost consideration.
As far as advantages are concerned, an unsecured loan offers you many.Quick disbursal - In the absence of security, there is no need to value the property. It results in a lot of precious time being saved. So, you can expect a quick disbursal of the loan amount. Loan without collateral - With no security required, an unsecured loan is a risk free way to borrow money. Less documentation - Since no collateral is involved, documentation is also less. Online availability - Unsecured loan deals are also available online. Both tenants and homeowners can take such loans. Ideal for small and short term borrowing - Any borrower who needs money for short periods can apply for unsecured loans.
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