Unsecured Loans

Looking For Unsecured Loans Online?

Unsecured Loans Online?

Unsecured Loans Online?

Money is one commodity which predominantly has more demand than supply. Everyone has bills to pay and most of them land at the worst possible time. No matter how well you plan your finances, unexpected expenses are always bound to derail you. What would you do in such financially critical situations? Borrow! But from whom? Family? Friends? What if you could get the required money as early as the next working day, without having to knock on doors or ask for favours? Sounds perfect doesn’t it? However, when you apply for a loan, you are always required to provide collateral. Not really keen on putting up your assets as collateral? An unsecured loan is your answer.

What Are Unsecured Loans?

An unsecured loan is issued without the use of any assets as collateral. It is issued purely on the borrower’s credit worthiness. These are also called signature loans and personal loans. To compensate for the huge risk undertaken by the lenders, the interest rates are higher and these interests are not tax deductible.

Why Unsecured Personal Loans?

A personal loan can get you the required money within a short span of time. When your personal loan is unsecured, you not only get money quickly, but you get it collateral free. You get your money while all your assets are safe under your control. This doesn’t mean that getting a personal loan is a great plan for your financial future, it just means that it is a temporary solution to an immediate problem.

Credit Worth

When you apply for an unsecured personal loan, your credit worth is the deciding factor. You are generally judged on the 5 C’s of credit – Character, Capacity, Capital, Collateral and Conditions. All these factors are taken into account to judge your credit worthiness. If you have good credit, the interest rates are lower and when you don’t have good credit, your interest rates may be higher and you may even require a co-signer to get the loan.

Credit Scores

better your repayment is, the higher your score

better your repayment is, the higher your score

Credit scores are an easy way for lenders to assess your credit worthiness before they decide on your loan application. Instead of going through all your reports and file, all they have to do is look at this number and decide. This number is generated by a computer programme that reads through your reports, takes into consideration all data stored in various credit bureaus and comes up with a number accordingly.

Your credit scores are directly affected by the repayment of your loans. The better your repayment is, the higher your score. However, these are just numbers that give the lender a picture of your credit worthiness. These numbers are not the deciding factors on your loans. Lenders have their own way of assessing your credit worthiness. They may or may not consider these scores.

Co-Signing

Lenders require good credit to offer a personal unsecured loan. When your credit is not good enough, the risk undertaken by them is higher. Hence, they will require someone else with a good credit to co-sign the loan with you. This reduces the risk of the lender and they can collect the money from your co-signer if you default. By signing the loan agreement with you, your co-signer is vouching for your credibility and undertakes the responsibility to pay back the loan amount if you are unable to make the payments.

Types of Unsecured Loans:

Types of Unsecured Loans

Types of Unsecured Loans

If you are looking for unsecure loans, here are your options:

1. Signature Loans

This is the basic type of an unsecured personal loan where the loans are secured only by your signature – your promise to pay. These loans also help you build credit and make your future borrowings easier. One can also opt for unsecured instalment loans, where the borrowed money along with interest is paid off in fixed monthly instalments.

2. Credit Cards

This is one of the most common and popular form of borrowing. Here you are provided with a huge pool of money to borrow from as and when you want. Unlike signature loans, where a fixed amount is given to you in the beginning itself, credit cards give you the option to borrow how much ever you want, within your credit limit and you can pay them off as and when you can. However, the interest rates are very high with credit cards.

3. Student Loans

If you are a student, you can avail of these loans. These loans offer features that are hard to find in other loans, such as grace periods, flexible repayments etc.

4. Peer To Peer Loans
Peer To Peer Loans

Peer To Peer Loans

In today’s technologically advanced world, one can get a number of unsecured loans online. All you have to do is post your requirement online with a website like loanshop1.com and you will get quick responses from interested people. Online unsecured loans have competitive interest rates which are generally fixed throughout the loan period.

5. Default In Repayment

Usually when the borrower defaults in their repayment of the loans, the lender uses the collateral to collect his money. However, in case of unsecured loans, where there is no collateral attached, the lenders can take various legal actions against the borrower to collect their money.

6. Unsecure Personal Loans Online

In today’s world, it is easy to find loans online. All you have to do is apply for a loan on a website like loanshop1.com by filling out an easy application and we will connect you with willing lenders. and We do not lend you the money, but we find you willing lenders. You can get your money as early as the very next working day.

The unique factor on choosing our services is that we provide services for people who are looking for small unsecured personal loans too. There’s no such thing as a loan amount that’s too little. You don’t have to go knocking on doors of friends or relatives or even your banks, you can get a fast unsecured loan by employing our services.

Stop worrying about your money troubles. With unsecured online loans you can not only get the money you want, but you can get it without having to wait in line or answer embarrassing questions posed by known faces you run into, at the bank.

Come to us and we will make your life easier.

Installment Loans

Fulfill Your Dreams With Installment Loans

Money troubles don’t spare anyone. You may have a well-planned stream of cash flowing in. but what do you do when you have an unexpected expense to meet? You may not have enough money on hand to meet such expenses. Not everyone will be willing to lend you the money immediately. But what if you can get the required money as early as the next working day itself? Submit your information for a loan on Cashloans.loan and we will try and find a suitable lender for you. Now that you know you need to borrow money despite having a steady income, Installment loans are your best option..

What Is An Installment Loan?

These are loans where the money is lent out to you and you will have to replay the amount in fixed Installments over a fixed period of time. Many loans such as auto loans, mortgages etc, are Installment loans. These loans are ideal if you have a steady income and know how much you can part with on a regular basis.

Advantages:

When you avail an Installment loan, there are a number of advantages such as:

  • The interest rate is fixed and you know how much interest you are paying on the amount you borrowed.
  • Your monthly repayments are fixed. This enables you to budget your finances with ease as you know how much is going to go out of your monthly pay checks.
  • As the loan is paid back over a period of time, one does not feel the pinch.
  • The repayment period is long and thus facilitates gradual repayment.
  • Getting an Installment loan does not take much time. When you are in dire need of money, you can take an Installment loan and meet your financial expenses promptly. Depending on the lender you may even qualify with poor credit score.

Disadvantages:

  • As the repayment period is long, the interest rates are higher.
  • The actual amount you repay will be much higher than the amount you borrowed.
  • Payments cannot be missed. If you miss a payment, the penalties can be high.
  • Some Installment loans require some form of collateral for safety.

Types Of Installment Loans:

There is a wide range of Installment loans offered in the market today. They are:

1. Unsecured Installment loans

These loans do not need collateral for security when the money is lent to you. In this type of loan, the money is lent to you at a high rate of interest to compensate for the loan period and the risk undertaken by the lender.

2. Student Loans

Student loans are specially designed for students as they may not have enough credit worthiness or property to pledge for their loan. These loans are repaid at a fixed rate, over a period of time. The repayment usually starts once the student finishes studying and starts earning. These loans also allow you to defer your payment in case of unemployment.

3. Mortgage Loans

These are loans where you mortgage your property for credit. The loan repayments have to be made on time as a default can put you at the risk of losing your property.

4. Car Loans

Not everyone has the money to buy the car of their dreams. Car loans help you get the money for the car and you can repay the amount over a period of time in fixed Installments.

5. Loan Limit

A personal Installment loan is more flexible. You can opt for a small Installment loan or a big amount depending on what limits the lender has set. These days flexibility is the name of the game, don’t be surprised if you find that lenders are willing to offer you short-term Installment loans. The payment schedule for these short terms Installment loans are dependent on the lenders. Many lenders will also require your permission to debit your account automatically. This means, when your monthly income is credited to your account, the loan amount is automatically debited; thereby ensuring the lender gets his money on time.

6. Cash Installment Loan

This is a new trend in the lending market these days. A cash Installment loan is something that offers borrowers a lot of flexibility. This Installment loan gives you extra cash and you also choose the time across which you can repay your loan.

7. EMI

The Installment loan repayments are calculated using the Equal Monthly Installment method (EMI). There are a number of EMI calculators available online to help you determine how much you have to pay back on a monthly basis. This will help you decide what amount you should borrow using an Installment loan.

The formula to calculate your EMI is

P(r(1+r)^n) / ((1+r) ^n-1)

P – Principle – the amount of loan you have borrowed. This amount is generally the final price of your commodity after tax minus any down payments you have made on it.

r– Interest Rate – Your Annual Percentage Rate will be listed in your loan document and you have to divide that by 12 to get your monthly interest rate.

N – Number of Payments- This is the total number of payment you will have to make in order to repay your total loan along with the interest.

8. Payday Installment loans

A payday Installment loan is when you pay back the lender the loan amount in easy monthly payments as opposed to the traditional way of paying it back as a lump sum. Installment payday loans ease your burden of paying back the money and you can do it in a phased manner that you are comfortable with.

9. Installment Loans Online

One can find a number of personal Installment loans online. These monthly Installment loans are a great way to help you work out your finances such that you aren’t in a position to borrow money again. Installment loan lenders will make sure that you have all your options handy, and if you want to speak to any of them, we will connect you to them via our toll free number.

Personal Installment loans, small or big, are the perfect loan option for those with a fixed monthly income and immediate requirement for money. We understand it can be frustrating to go knocking on doors of banks or lenders to get the perfect repayment schedule based on your monthly income. Cashloans.loan can help you in finding lenders to suit your requirements.