Same day fund disbursement

No broker required

Borrow for any purpose

Competitive interest rate

What is an Unsecured Loan?

An unsecured loan is a short-term borrowing option that offers funds for small and big and instant needs without any collateral demand. Also, it has no demand for a guarantor.

The unsecured loan has the following features -

  • ok icon white1The short tenure of minimum 3 months to a maximum of 36 months
  • ok icon white1Small loan amount of minimum £1000 to maximum £25000
  • ok icon white1Instant approval decisions and timely fund disbursement
  • ok icon white1'Yes' to bad credit through unsecured loans for bad credit
  • ok icon white1Applicants with no credit history can also apply anytime
  • ok icon white1Current repaying capacity is the factor of prime importance

ExtramileFinance offers unsecured loans with maximum flexibility on the rates and repayment plans through customisation. Also, we are open 24x7, 365 days, and the personal relationship managers make your borrowing experience smooth. You can apply to us with confidence of competitive rates. If you seek for the rational unsecured instalment loans in the UK, we are the right address.

Types of Unsecured Loans

Unsecured loans have different types because they serve varied purposes. The basic features remain similar, but the actual purpose changes according to the kind of need. The following are the prime types of loans without collateral.

Unsecured personal loans - As you can see is designed to fulfil personal needs that either happens daily or seldom. Wedding expenses, educational expenses, house repair etc.

Unsecured Short term loans - The type basically reveals its acceptance to not only short-term needs but also to varied financial conditions. You can borrow with bad credit and with no guarantor.

Unsecured Business Loans - Loans for business purposes without any collateral belong to this category. Any short-term need for commercial reasons such as machine purchase can be satisfied.

Unsecured debt consolidation Loans - The unsecured debt consolidation loans merge all obligations in one loan with one instalment at a fixed rate. If you are overburdened with debt, it is your option.

Difference between Unsecured & Secured Loans

Both the loan types are significant with their different features and purposes. You can notice a clear difference between the two while understanding their significance in your financial lives. However, one common thing between the two is that both come with a surety of approval for the applicants with strong repaying capacity. You can easily find guaranteed unsecured loans as well as secured loans.

Unsecured Loans Secured Loans
Unsecured loans are short-term loans Secured loans are long-term loans
No demand for collateral and guarantor Collateral is required to qualify for funds
No purpose constraint, borrow for any reason Due to big amount, an explanation is required
No risk to the asset if you miss the instalments The lender can repossess your asset

Unsecured Loans for Bad Credit

The basic nature of the loans is friendly to the poor credit situation, and anyone who wants to borrow can find instant financial relief. All sorts of complicacies of financial life can be tackled with the affordable offers of loans. We usually interact with several questions common among all the bad credit applicants. You can find your answers here and realise that it is not bad to get unsecured loans for bad credit by direct lenders only without any second thought.

How can I get unsecured loans with bad credit?
With specific terms and conditions, you can get funds with a low credit score. These are –

  • ok icon white1Strong current repaying capacity
  • ok icon white1Bank statement of the last 12 months
  • ok icon white1Same job from last one year
how to apply for secured loans

I do not think a credit check is a good idea. Do you have no credit check?
Yes, we facilitate borrowing without any search footprint on your financial records. We offer no credit check, but the actual professional term is soft credit check in which we study only your recent finances.

Do I need to follow the lengthy application process due to poor credit?
No, Never, Not at all. Your bad credit has nothing to do with the speed or length of the procedure. We repeatedly mention that our prime focus is on the current repaying capacity of the applicant. If that is in perfect shape, instant decision and timely funds happen to you.

Advantages & Disadvantages of unsecured loans

You should know both sides of a coin to take rational and confident borrowing decisions. Here are the pros and cons of unsecured loans to enhance your knowledge bucket with the correct information. Before you take out a loan, the knowledge of advantages and disadvantages will help you make a logical decision.

Advantages of unsecured loans Disadvantages of unsecured loans
Instant loans for small, urgent needs Only for short-term needs and small tenure
Apply with a bad and fair credit score Higher rate of interest for bad credit people
No need to mention the purpose of the loan High monthly instalments due to small tenure
Payment holiday irrespective of credit score It can be insufficient for business purposes

Eligibility Criteria

Before you worry about any complications on the eligibility part, we want to inform you. It is a cakewalk. Primary conditions in financial and personal life are sufficient to help you cross the first stage.

ExtramileFinance aims to offer every possible financial ease with the help of affordable, customized unsecured loans. Different durations are available such as 3 month loans, 6 month loans, 12 month loans and more. In case of any doubt, call us anytime and get your answers. Most of the applicants have several expectations when they take loans from private lenders. We fulfil all those expectations.

FAQs

Q How to apply for unsecured loans?

Well, as compared to a secured loan, the interest rate will be a bit higher. But, there is still a possibility that you can manage to get better offers if your other financial aspects are good such as:You can apply online through a simple, short application process on the website of a direct lender without any broker help. Also, there is no upfront fee.

Q Is there an adverse effect or harm to credit history if I take unsecured loans?

There is no wrong or bad effect on your credit score. In fact, your credit rating can improve in case you have a poor score. The instalments are small, pay them on time and improve credit score. Isn’t it a two-in-one benefit? Borrow funds and also improve financial goodwill.

Q What happens if you miss a payment?

If you miss a payment, we do not apply the penalty right away. Unlike other lenders, we do not apply any penalty up to 3 payments. However, we suggest you inform us timely, and we can change repayment plans to suit your comfort.

Q What to do if you cannot payback your loan?

If you cannot pay back the loan, contact us, and we can figure out the most relatable solution. In most cases, it is the most suitable solution for any borrower. With the new repayment plan, usually, most people revive from tough times. We make the instalments easy and adjust tenure.

Q How will direct lender help for applying for an unsecured loan?

Direct lenders help you with its simple and predictable application process that is 100% paperless. The instant approval decision, timely fund disbursal is the prime features that help the fund seeker get funds easily.

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