Friday, January 05, 2007

Unsecured Personal Loans - No Bounds - No Security

By Erika Anaya

You can get more freedom and more leverage with unsecured personal loans. Being in the unsecured stable means that the requirement of collateral goes out of the window. Such loans can prove to be your best friend in times of financial hardships. The advantages include:

  • Fast loan processing
  • No collateral
  • Less documentation
  • Unrestricted use of the loan amount
  • Suitable for homeowners as well as for tenants

    In this fast moving world, time is of essence in all the actions. When it comes to finance, there is no reason on this earth that it should be little different. Lenders know that competition is tough in the market and borrowers understand the significance of quick loans. A loan, although sanctioned but not dispersed at right time, is of little use to the borrower. Unsecured personal loans take these aspects beautifully into consideration and, therefore, are popular for their prompt availability.

    But then, as they say, every good thing has a price attached to it. In case of unsecured personal loans, the price that a borrower has to pay is high interest rates. This happens due to the high risk that lender has to undertake in the absence of any security against the loan amount. So, if you are ready to pay some extra bucks, you can get quick loan without any requirement of furnishing security to the lender. The decision has to be yours. After all, it is a matter of personal choice and preference. But, if you want to go with the tide, you better opt for unsecured personal loan. The figures show that the number of repossessions in the year 2005 increased by 70 per cent when compared to the corresponding figure in the year 2004. This fact might have some bearing on the decision that you would like to take.

    About the Author : The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. She has done masters in Business Administration and is currently assisting loans-bazaar as a finance specialist. For more information please visit at

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