Taking out money from a lending agency without using collateral is known as unsecured loans. These loans are accessible to all types of borrowers. Tenants and homeowners are equally eligible for taking out this loan. In fact, for the tenants it is the ultimate choice of borrowing money. For the homeowners it is a favourable alternative to the loans that are taken against collateral.
There are a whole lot of benefits of unsecured loans. First of all, it does not necessitate the submission of a property to the lender. So, it can be taken by those who do not have any property to use as collateral. It also gives the homeowner a chance to borrow money without running any risk on their property. Even self-employed and unemployed people also can apply for this loan.
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Secondly, unsecured loans ensure quick cash delivery. Since there is no collateral attached to it, there is also no need of property assessment. The process of collateral evaluation involves some documentation that, in turn, stretches out the processing of the loan. As there is less paperwork, the processing remains simplified. As a result, the borrower gets his hand on the money quickly.
Next, it is a risk-free option of raising funds. When someone takes secured loans, he offers a valuable property (usually his home) as collateral. This authorizes the lender to take possession of the property till the loan amount is repaid. An unsecured loan has no collateral attached with them and, hence, there is no such risk involved. Probably, for this reason, they are highly in demand.
Unsecured loans have their share of demerits. One cannot take out bigger amounts through this loan. The interest rates of this loan are also comparatively higher than the loans secured against property. However, their accessibility to all and risk-free nature makes them very popular.
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