Unsecured loans can be different types of loans, from personal loans to credit cards. They tend to range from £1,000 to £25,000. They are either accepted or rejected based on a number of factors which will inform the lender if you are suitable for a loan. With unsecured loans, whether you are accepted or not is based on your credit history and income. This is to ensure that you are able to repay the money you borrow as the lender is taking a risk. Although lenders will still take other circumstances in to consideration. For example, your employment status, affordability checks. This is based on your existing debts or outgoings which you already have monthly.
Even though the usual range is from £1,000 to £25,000 there are a number of lenders out there who can offer you up to £35,000. With the help of Simple Personal Loans, you could find lenders which offer amount this in no time at all.
What Are The Different Types Of Unsecured Loans?
Unsecured loans is a name which can be related to various different loan types, for example:
- Student Loans
- Personal Loans
- Credit Cards
- Guarantor Loans
Unsecured Loan For Bad Credit
Luckily, unsecured loans for bad credit are things which you can get if you find the right lender or broker. There will always be companies out there who will consider you for a loan. Although having bad credit might set you back a few steps and increase your interest rates, you will still be able to get your hands on what you want. When you are looking for an unsecured bad credit loan, you will find that it is likely the banks will not lend to you, but broker’s like Simple Personal Loans can help you find the perfect lender for you in no time.
Unsecured Debt Consolidation Loans For Bad Credit
Unsecured loans can be many different types, some of which can offer debt consolidation loans. Having bad credit tends to mean that you have not had the best experience with payments and finances in the past. This might have been because you have poor money management skills. If so, a debt consolidation loan could be perfect for you. It enables you to only have to pay one payment each month instead of multiple different ones, giving you better control over your finances.
Am I Eligible For A Unsecured Loan?
Different lender and brokers have different eligibility criteria when it comes down to choosing who they can lend too. Some require more factors than others, but overall they are very similar. As follows is an example of a criteria, but please note it does not apply to all:
- Be aged 18 or over
- Be employed or have a stable source of income
- Live in the UK or be a UK resident
- Have an active bank account
- Have a valid debit card for this account
- Hold a valid email address and phone number