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Are You Qualified for a Loan?

evekrawiec.com More people are able to avail of unsecured personal loans compared to secured loans because collateral in the form of property is not required. If you are a resident of England, Wales, mainland Scotland and Northern Ireland then you may be able to take out an unsecured loan. Non-homeowners such as tenants, students or people living with their family are eligible for unsecured loans, as are members of the Armed Forces and other people in military service.
Normally, unsecured loan applicants only need to be over 18 years old with regular employment. They may also be self-employed or have part-time jobs. An important requirement is a good credit history when applying for a loan through a traditional lender such as a bank. For people who have bad credit histories, they can still try applying with loan companies that specialise in such cases.
Maximum Loan Amounts
Through an unsecured personal loan you can generally borrow an amount between 500 and 25,000. Your lender will offer you a maximum amount based on your circumstances. This amount, as well as the interest rate charged to your loan, will depend on factors such as your credit history and employment status. Generally, this information is used to determine the level of risk that you present to them as a borrower. If your financial situation is relatively stable and your credit history is reasonable, you are considered a good risk in terms of being approved for an unsecured loan. If this is the case, you are more likely to be offered a larger amount for your loan, at a lower interest rate charge.
Loan calculators can be found online to help you make a quick self-assessment regarding how much you can possibly borrow and at what cost. By keying in pertinent information that actual lenders will take into account, a loan calculator can give you a fair estimate of what to expect. A more accurate quote can be obtained by discussing your loan application directly with your lender.

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