Unsecured Loans: Route to Finance in the Absence of Guarantee
Does yours being a tenant or a homeowner with insufficient equity imply that loans and other methods of financing cash-shortages are not meant for you. Loan providers do not reveal such stark indifferences towards borrowers who come for unsecured loans. However, the terms on which unsecured loans are offered clearly show the apathy on the part of loan providers.
Unsecured loans are personal loans where lender lends money without any direct stake on any asset of the borrower. This is the peculiarity of unsecured loans. It was this feature of unsecured loans, i.e. not having any direct stake, that was preferred most by borrowers. When seen in comparison to secured loans, the unsecured loans appeared a much better method of drawing finance because the borrowers assets were safe in this arrangement.
When unsecured loan does not consume the equity in home, the equity can be utilised for getting finance through other loans.
The safety of home or any collateral pledged under a loan is so prominent that borrowers would prefer to pay a higher rate of interest on an unsecured loan. Since there is...
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