Unsecured loans on a rise

FinanceLoans / Lease

  • Author Addison Devan
  • Published April 17, 2007
  • Word count 350

Research conducted by a leading comparison website states that women in UK are getting increasingly dependant on unsecured loans for their shopping and other living expenditures. Since the unsecured loans don't call for any security to be pledged to the lender, the women in UK make their best use to fund their requirements. The research further states that the trend of women who opt for unsecured loans is because of the easy accessibility of unsecured personal loans.

The role of the online media can't be underestimated in this. Most of the high-street banks have stringent policies for granting unsecured loans. However, online and private lenders grant unsecured loans even to those who have bad credit records. The rate of interest charged is very high, going up to 42% annually. But when needs are urgent and there is no other way of procuring money, online and private lenders are the only alternatives left to the borrowers.

Unsecured loans taken from online media can fetch you the advantages cited below

  • Easy accessibility- The online media is the next big revolution in the field of mass communication. People can easily access the Internet sitting at home, and apply to varied lenders for unsecured loans with convenience, ease and comfort.

  • Time and effort-saving - In case of online media, the borrowers don't have to visit every bank to hunt for loans. It takes a fraction of seconds to apply for unsecured personal loans. One can apply to a lot of lenders at the same time, and see various loan products at a glance.

  • Comparison tools – The online media offers various comparison tools that can help you find the loan quotes of various loan deals, and thereby compare the best deal for yourself.

  • Free online credit reports- Many online sites such as experian, checkmyfile etc. offer free online credit reports. With the help of these, the borrowers can analyse their credit score and that too for free.

So, online loans are the in style way of borrowing money. Opt for unsecured loans by applying online, if you don't have the time to visit different lending institutions.

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Loans Park as a finance specialist. For more information regarding unsecured loans visit www.loans-park.co.uk

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