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A Quick Guide To Unsecured Loans

May 15, 2019

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The lending industry has grown remarkably in recent years. It strives to help people manage their short-term financial crisis with ease. Unsecured Personal Loans can help people getting out of their debt quicker. Borrowers can also use these loans for personal expenses. Since these loans don't require collateral, these are easy to avail. However, there are many things that we are not aware ofthese loans.

 

Unsecured Personal Loans let you borrow capital without having to give up any collateral. Lenders choose to offer a loan to anyone, based on their ability to repay the loan amount. They’ll run credit checks to ensure that you can take the responsibility of a loan.

 

  • Is a Credit Check Mandatory in Unsecured Loans?

Since having bad credit will certainly limit your chances of taking a short-term loan. There are various lenders in the UK for whom a fair credit is not the only criteria for granting a loan. There is no such thing as an Unsecured Loan with No Credit Check. As per the FCA, a credit check is mandatory, and hence a lender will perform a certain level of check on your profile.

Generally, lenders perform a soft credit check, which doesn’t leave any trail on your record.

 

  • Do these loans come with any additional costs?

Many lenders these days don't charge any fees. While some of them do have some additional costs imputed with the loan.

 

Personal loans can serve various purposes. You can use them to consolidate your debts or even for renovating your home. Given the choices, borrowers can derive multiple benefits from these loans. So, don't wait and start exploring. Find the lender for whom you are eligible with Oyster Loan. The aim is to get the best deal to manage your finances with ease.