unsecured loans from BingoLoans

Why unsecured loans make sense

While it’s easy to get bogged down in financial jargon, the reason why personal loans exist is quite simple. You might need some up-front capital to fund a purchase, home repair or simply to tide you over after an unexpected expense. Whatever your reason, unsecured loans are a great option, and here’s why:

1) Your personal property is not at risk

Unlike secured loans, unsecured loans aren’t backed by collateral (such as a house or a car) that you could lose. This means if you took out an online payday loan and were (for whatever reason) unable to pay it back, you wouldn’t risk losing your personal property.

2) The application process couldn’t be simpler

Finding unsecured loans doesn’t have to be a nightmarish exercise where you’re expected to meet with bank managers or jump through hoops. It’s now possible to apply for online payday loans from the comfort of your home or workplace in a matter of minutes – and approval could be almost instant.

3) Your financial history doesn’t have to be a barrier

Once upon a time, borrowers were expected to have a near-perfect credit history in order to access personal loans. Nowadays, it’s possible to find low APR bad credit loans. Many lenders recognise that the occasional blot on an otherwise unblemished credit file shouldn’t prevent an individual from accessing unsecured loans. Some lenders even offer payday loans with no credit checks.

4) Flexible loan amounts

The average payday loan direct lender understands that most people don’t need to borrow large sums of money. The flexibility of payday loans means that it’s possible for individuals to borrow as little as £80 for life’s little unexpected expenses. This flexibility can even help borrowers to improve their credit rating. By borrowing small amounts on a monthly basis with a low APR, it’s possible to prove your financial reliability at an incredibly small cost, and this could open up the opportunity for larger-scale borrowing (such as a mortgage or business loan) in the future.

If you’re in need of an unsecured loan, why not see how BingoLoans could help match you with a lender that could help?