Financial requirements are unrelenting. Every now and then an emergency may crop up which requires immediate attention and which cannot be deferred for the next month. The situation worsens if the individual does not possess a home to offer as collateral against a loan. Many lenders will not risk their money by giving loan to such people. In this situation non secured loans can come in handy and help to overcome the urgent state of affairs.
As the name suggests these loans are unsecured in nature and are provided for a short period. It can be availed by self employed, tenants, non-homeowners, students etc. The lender considers a borrower's past credit record, annual income, and present employment status and repayment ability while providing the loan. Even borrowers with bad credit history can easily avail non secured loans as credit check is not given any importance. But they will have to bear higher rate of interest compared to good credit record borrowers. With this loan a bad credit borrower can improve his credit record by making repayments on time.
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A borrower can get a loan amount in the range of $200 - $2000. The repayment tenure is short and is within 4 weeks. The rate of interest is high compared to other loans available in the market, which is usually around 20%. Lenders require that a borrower has valid US citizenship proof, age proof of not being less than 18 years and monthly income of not less than $1000 with a valid bank account.
One can easily compare the quotations which are available online and select the best lender offering flexible terms and conditions with easy repayment scheme. He is required to fill up an online application form with personal and bank details. Documents are not required to be faxed as no assessment of property is done. Hence, processing is faster and the money is transferred to the borrower's nominated bank account within 2 hours of approval.
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