Unsecured Loans Explained
Unsecured Loans allow you to apply for loans, where the lender bases their decision and APR% on your creditworthiness. The benefits of this type of loan is, you can avoid placing your collateral onto the application. On the opposite end of the spectrum from Unsecured Loans, there are ‘Personal Loans’ [Signature loans]. Personal loans require you to place collateral onto the loan application, such as a car or house. Whilst this is a huge risk for the borrower, the bank sees this as low risk, therefore the APR% lowers as a result.
What are Unsecured Payday Loans?
Unsecured Loans within the payday market, are pretty much the same thing. Unfortunately, the payday industry does not offer personal payday loans. Speed and flexibility are two huge benefits behind customers using payday loans. Without these benefits at hand, customers would have no choice but to apply for loans via the bank. As a result, many applicants will be waiting weeks, if not months for a decision.
Benefits of Unsecured Loans
The benefits of an unsecured loan, is you do not have to risk losing your valuable assets, paying back the loan. Unsecured loans, normally, result in quicker decisions. As a result, unsecured payday loans can act as financial emergencies for unforeseeable events. Sometimes in life, you cannot afford to sit around for weeks on end, waiting on a decision – unsecured payday loans provides you with something more immediate.
Dangers of Unsecured Loans
Unsecured Loans, or Unsecured Payday Loans through Loanline, should not be considered for a long-term financial solution. If you find yourself struggling to manage your debt, please call the Money Advice Service for financial help. Here at Loanline, we continue to promote ethical lending, and work very closely with the Financial Conduct Authority to ensure this continues. All lenders we partner with, also continue to promote ethical, and fair lending. By working with ethical lenders, we can say for certain, that our customers are in good hands when applying for loans via our website.
How do I apply for Unsecured Loans?
Applying for Unsecured Loans via our website is a pretty, and straight forward process. Click the ‘Apply’ button at the bottom of this page. Tell us a little about yourself on the application page. Although this will take a minute or two of your team, it will consequently speed up things. One of our lenders will pick up your application and make a decision. Once approved, you will be redirected to their website.