| With the advancement of online media and increase in | | | | circumstances. For instance, most high street banks |
| the number of private lenders, there is a considerable | | | | would reject your loan application, if you can't produce |
| increase in the competition in the UK loan market. This | | | | your proof of income. But, many online lenders ignore |
| has led to flexibility in the criteria of granting loans. A | | | | this parameter. But, rates charged by the online lenders |
| few years back, borrowers were dependent solely on | | | | are far greater than those charged by the high street |
| the mercy of high street banks for procuring loans. | | | | banks. This is because of the fact that most loans |
| The products like unsecured loans and personal loans | | | | approved by the high street banks are secured. |
| were rarely heard of, and something like bad credit | | | | Secured loans attract low APRs and other benefits |
| loans was simply unimaginable. However, now all these | | | | like flexible repayments. |
| loan products have a great market in the UK. | | | | But, if you don't have any security to offer or can't fulfill |
| Most lenders offer varied loan products to the | | | | the stringent requirements of the high street banks, |
| customers, suited to their needs and in accordance to | | | | apply for unsecured loans. Though you may have to |
| their credit profile. Lenders offer personal loans for:the | | | | pay a comparatively higher amount than secured |
| self-employed, tenants and studentsthose who have | | | | loans, you'll get quick money required for short-term |
| no proof for incomethose who have defaults, CCJs | | | | needs. It has been observed that most homeowners |
| and Bankruptcy against their namesthose who are not | | | | nowadays prefer unsecured personal loans over |
| in a position to provide sufficient collateralborrowers | | | | secured loans. There are two reasons to it. First, the |
| with adverse credit history | | | | risk involved for the borrower in pledging his home as |
| This signifies that anyone who is a UK citizen and | | | | collateral; and second, most of them already have |
| above 18 years of age can apply for loans. Personal | | | | other debts running against their home that they have |
| loans are any purpose loans. No matter how absurd or | | | | no equity left. So, there are many parameters like this |
| unusual your reason for availing loan is, you can get a | | | | that borrowers have to closely analyse before they |
| personal loan from private and online lenders. These | | | | apply for personal loans. |
| lenders specialise in granting loans under varied, difficult | | | | |