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Frequently Asked Questions - Unsecured Loans
Q: What are unsecured debt consolidation loans?
Unsecured debt consolidation loans UK are loans that enable you to consolidate your small loans and different credit sources into one loan, without requiring you to give security for it. You can also get an unsecured debt consolidation loan for poor credit or very bad credit, but you must work out a reasonable and affordable plan for repaying the loan. It’s great to know that you can take out a debt consolidation loan without needing security.
Q: Are logbook loans unsecured loans?
No, logbook loans in the UK are a form of secured lending. In short, you are putting up your vehicle as a collateral against borrowing. This allows the loan company to lend without having to go through lengthy credit background checks. Even though the lender is less at risk, there is often a price to pay for borrowing, in the form of very high-interest rates.
Q: How fast can I get loan for bad credit with no guarantor?
You can apply for unsecured personal loans for bad credit with no guarantor online by filling out our simple application form here. Your application will then be analysed by Monevo’s unique technology to determine which UK direct lender is most suitable for your needs, and they will receive your application for consideration. If they approve the loan, you will receive a contract to review and sign, before the money is deposited in your account. All of this happens very fast – you will have your loan decision within an average of 90 seconds.
Q: Is it important to take loans for bad credit from direct lenders who are FCA authorised?
Yes! You may feel safer borrowing unsecured loans over secured loans because, should you be unable to repay it, the lender has no claim over any of your assets. You aren’t at risk of losing your house or car, for instance. But if you don't repay your loan, you won't be able to get off Scott free. However, it is still vital to ensure that you are dealing with an FCA-authorised, legitimate lender. There are loan sharks out there who pose as respectable lenders but hide many charges in the small print and may resort to physical threats to get their money. When you apply with Personal Loans Now, you can relax in the knowledge that your application form for unsecured personal loans for bad credit from direct lenders will only be sent to trusted, FCA-authorised direct lenders in the UK.
Q: Are unsecured loans with no guarantor expensive?
No guarantor loans are usually more expensive because a lender will set the interest rate based on the level of risk they feel they are undertaking. The greater the risk, the higher the interest rate. Because unsecured loans with no guarantor do not offer the lender any security, these loans are by nature high risk. Therefore, they are usually more costly than secured loans, such as a secured homeowner loan or a car loan. For this reason, lenders are also often unwilling to lend larger amounts of money. So, unsecured loans are usually for smaller sums than secured loans.
Q: What would happen if I don’t repay my unsecured loan?
All lenders have their own policies. For example, one may charge you immediately upon missing a repayment. Another may give you a grace period before adding charges. In general, the loan will be passed on to the collection department. Interests and charges may be added to the loan, so it’s a good idea to pay back as much as you can, as soon as you can. If the loan is still not repaid, the unsecured debt may be sold on to a debt collector. In the worst case scenario, the borrower may be taken to court (a CCJ). Missing a payment for an unsecured loan from direct lenders will almost always have a negative impact on your credit score. Having bad credit makes it more challenging to find loans. So, you should always try to avoid borrowing if you aren’t sure you’ll be able to repay.
Q: Can I get a home improvement loan without a guarantor?
Yes, Personal Loans Now offer home improvement loans without a guarantor. This type of loan sounds like a dream come true, but qualifying for one is very challenging, and you may end up paying a lot more money in the long run. At personal loans now we have access to an extensive range of direct lenders who specialise in offering many types of unsecured loans with no guarantor.
Q: Do you offer car loans with no guarantor?
Yes, You can apply to us for car loans with no guarantor and we will do out best to find the most suitable lender for you. There are many car finance lenders in the UK offering car loans without a guarantor. In this way, you won’t have to put up the car as collateral if you can't afford to make the necessary loan repayments. You’ll also own the car, regardless of what happens to the loan.
Q: Can I get multiple unsecured loans from Personal loans Now?
No, however it is possible to apply for several small unsecured personal loans from different companies at the same time. However, while there's no rule against it, there's a big chance that it will lower your credit score and your chances of being accepted by future lenders if you do.
Q: How can I benefit from taking an unsecured Loan?
One of the biggest advantages of getting long term unsecured loans is that your personal property isn’t at risk in case of a default. So you don’t have to worry about losing your home or any of your other assets if you aren’t able to make the payments on time. Whereas a personal loan that is secured is backed by collateral that your lender can take if you can’t pay off your loan. Apply now with Personal Loans Now for a long term unsecured Loans, for £1000 up to £20,000 with an instant decision.
Q: Do you offer unsecured loans?
Personal Loans Now give you the choice of applying for an unsecured personal loans as well as secured ones, despite the fact that you may have bad credit. We have a wide range of unsecured personal loans that you can choose from;
- short term loans
- instant loans
- loans online
Q: Do you offer unsecured business loans with poor credit?
We offer unsecured loans for poor credit that can be used to fund your business. It is common to need a loan when starting up a business, or to get an existing business through a tough time. Many unsecured start up business loans will require a personal guarantee, where the owner is personally responsible for the repayments should the business fail. It is vital to read the terms and conditions carefully before agreeing to this. Many people prefer unsecured business loans with no personal guarantee, and these are available in the UK from several lenders. The right loan at the right time can save your business, and we at Personal Loans Now would love to help!
Personal Loans Now
We like to keep things simple. If you have any questions about the way we work, take a look at the FAQs below, or contact us. Ready to go ahead? Apply now and get an instant decision!
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