Though secured loans have the largest market share in the UK loan bazaar, recent studies indicate that the market for unsecured loans is on a steep rise due to its no collateral and quick approval attributes. Hence, they are becoming popular among all - tenants, homeowners, property owners and students.
Tenants and students: People who are unable to offer collateral because they do not own one (tenants) or are living with their parents
Homeowners and property owners: People who are unwilling to get into property related legalities or risk their property for a small amount
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Unsecured loans offer benefits that are absent in secured deals, like no collateral and no risks, less paperwork and quick service.
No collateral and no risks: Unlike secured loans, unsecured loans can be availed without pledging collateral against the loan amount. As a result, in the event of too many delays or defaults and non-payment, the lender does not get the right to take over the borrower's asset or any other valuable(s).
Less paperwork and quick service: No collateral means, no time-consuming asset evaluation procedure. As a result, official formalities associated with the process of unsecured lending are less and that, in turn, speeds up the overall loan approval process.
The above-mentioned features make unsecured loans ideal for:
Small monetary requirements - when offering collateral may not be required
Urgent needs - when getting into lengthy property evaluation procedures may not be feasible
If absence of collateral has benefits, it has drawbacks too. As the stakes are high for the lenders, unsecured loan seekers have to compromise with certain restrictions - limited amount, high APR, fixed payback terms and non-negotiable loan clauses.
Some of the most popular unsecured loan products available in the credit market are: bad credit loans, business loans, car loans, cosmetic surgery loans, debt consolidation loans, education loans, career development loans, holiday loans, homeowner loans, home improvement loans and wedding loans.
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