Your Options of Unsecured Loans The financial products are of great help for the people who are in need of money to meet their monetary responsibilities. These loans are usually available with the traditional and non-traditional money lenders or lending agencies like the banks. Since most of these lending agencies, in a country, work under the specific departments of the government, therefore the basic features of these loans remain more or less same. However, there are a few lenders who add some specific features to their products to make them more suitable to the individual needs. The financial products are usually available in two different types, secured loans and unsecured loans. Though there is very little difference between their names, these two have completely different features. Secured loans are risky by nature as they need collaterals in the form of real estate property. The borrowers run into the risk of losing their collateral if they fail to repay the borrowed amount. On the other hand, the unsecured loans are always good and Safe as they do not take any collateral. Therefore, the risk of losing things does not exist there. However, the rate of interest for the unsecured loans are higher than the secured loans. Unsecured loans are much safer for the borrowers than the secured loans. If you are eager to find the best secured loans for your future needs, then the following information can be very important there: Guarantor Loans: These loans are very suitable for the people with bad or poor credit status. The borrowers with poor credit status can introduce a guarantor who would take the responsibility of paying off the debt, in case the borrowers fails to do so. This is certainly and understanding between the borrower and the guarantor where the borrower takes the responsibility to make the repayments without causing any harm to the guarantor. The amount of the loan varies typically between $1000 and the terms of repayment varies between 1 year and 5 years. Payday Loans: This is probably the most popular among all the secured loan options. This is a small loan service that the borrowers should repay on their next payday. These loans usually require very simple documentation and the lenders take very little time to transfer the fund in the account of the borrower. The fulfillment of the criteria is very important here. You need to be an adult citizen of the same country and you need to have a permanent employment with a fixed monthly salary. You also need to have an active bank account that the bank can use for transaction purpose. Installment Loans: This unsecured loan offers small loans ranging between $100 and $1000 for a duration of 1 to 12 months. The borrowers need to pay the loan amount in equal monthly installments. These installments include the principal as well as the interest. This loan is processed faster and the lenders usually remit the amount within 24 hours. The repayment is done through the bank account itself. While searching for the loans online, you can find many such options and it would be your responsibility to find the best loan that suits your purpose. Tenant guarantor loans are also available in the form of loans online for which you again need someone as a guarantor.
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Published on Jun 5, 2014
While looking for various types of loans online, people may come across many useful loan options that can suit their individual needs. The u...