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Comparing unsecured loans

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COMPARING unsecured loans can make it easier to find the best terms – each loan company offers different limits on what they are willing to lend.

To find the best loan available, you must think about:

• What type of loan is right for you

• How much money you would like to borrow

• What terms you would like to pay the loan back over

What is an unsecured loan?

This type of loan is supported by the borrower’s credit rating. It is attained without the use of property as a guarantee for the loan, it can also be known as a personal loan or a signature loan. The borrower must generally have a high credit rating to be accepted for most unsecured loans.

Once you have decided if a unsecured loan is best suited for you, a comparison site can then be used to find a loan to suit your needs, and will enable you to find the cheapest loan with the best rates.

Choice may be limited depending on where you live and may vary across the UK, with countries like Norway and Sweden looking more popular at providing unsecured loans.

Customers can find the best unsecured personal loans online through websites such as Lånemegleren.no in Norway and Lånemäklaren.se in Sweden, where loan applications will be sent to various banks for consideration. This will enable the customer to find the loan with the best terms, whilst also being able to use a customer loan calculator which gives the borrower an estimate of how much they will pay back monthly.

Using a website to find an unsecured loan can make the process much easier, you will be able to decide how much you want to borrow whilst all your information will be kept confidential.

Once you fill in an online application based on what information you provide the company with, you will then be directed to which offer will best suit your needs.

Companies can understand if you need money quickly, this will also give you the reassurance that you can get money fast if your application gets approved.

Benefits of an unsecured loan :

• Widely available

• The lender doesn’t typically require assets such as your house

• Unsecured loans usually allow flexibility

Once the borrower has compared unsecure loans for the best terms, it is wise to make sure that any money borrowed will be paid back without falling behind before proceeding, as this can affect credit ratings and result in extra charges.

If a borrower doesn’t make payments on an unsecured loan, the lender will not be able to claim property, but the lender can take actions such as using a collection agency to collect the debt, or they can take it further by taking the borrower to court.

If the court is in favour with the company, the borrower will then be ordered to pay the debt on the unsecured loan. Using a loan calculator before borrowing money can help prevent not being able to pay the money back, by giving you a clear idea of how much money you will need to pay back monthly.

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