What are quick loans?
Quick loans are fast monetary solutions for borrowers. Generally, it is unsecured in nature as in; it is not an asset based loan. Borrowers do not need to provide any collateral to the lender against the loan. It also means that there is less paper work to be followed up in this case. As such, it is a quick loan.
What are the eligibility criteria?
The eligibility criteria for unsecured quick loans are quite simple. Potential loan seekers have to be UK citizens and capable of entering into contract with the lender. In other words, borrowers have to be above 18 years of age. Both homeowners and tenants can apply for these loans. For tenants, this is actually the only available option. Homeowners who don’t want to put their assets at risk may also look upon this loan as another option.
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For what purpose can these loans be used?
Quick loans [http://www.loans-bazaar.co.uk/quick-personal-loans.html] can be used for any purpose. The loan amount is generally below £25,000. Any reason, as long as it is legal can qualify as a valid reason for taking a loan.
What are the repayment terms and conditions?
The repayment terms and conditions are generally quite strict. That is because of the nature of the loan. Borrowers are expected to pay a regular monthly installment. Lenders are usually not tolerant about defaults in repayments.
What are the repercussions of missed payments?
If you have missed your monthly once or twice but have made double payments the next month, then there is going to be little or no effect on the borrower. However, in case of repeated delay or defaults in payments, lenders may drag the debtor to the court. At the worst, the loan can be transferred into a secured credit deal, if the borrower is a homeowner. Whereby, the homeowner may stand the chance of losing his asset to the lender.
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