When you are borrowing not on the basis of your assets but only on the basis of your monthly income, it obviously follows that the loan amount that you can get is limited. This is because your assets may run into several thousand pounds but your income is usually limited. So, the amount of loan that you may get based on your income is also quite limited.
Your home is safe in case of unsecured loans. The lender has nothing to do with your assets. Even if you advertently or inadvertently make any default in repayment, the lender can only bring a suit against you in the court of law but he cannot repossess your assets. It means that your assets are hundred per cent safe in case of unsecured loans.
Apart from the above said advantages, an unsecured loan also bestows upon you the following advantages:
Quick processing - Unsecured loan permits the borrower to access fast cash by just filling a simple application form. Unsecured loan is ideal if you require money in quick time.
Appropriate for short term debts - If you require finance for up to ten years, then an unsecured loan is ideal for you.
Multi purpose uses - You can use an unsecured loan to repay your credit card bills, medical expenses, holiday expenses, home improvement expenses and much more.
Also available in bad credit situations - Some lenders can provide you an unsecured loan even in case of bad credit history. The rate of interest is bound to be high in such cases.
You can also get your unsecured loan online. This makes it possible for you to apply from the comfort of your home. You do not need to personally visit the lenders' premises. This aspect makes an unsecured loan to be more consumer-friendly.
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