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You may need to borrow money intentionally or unintentionally. Luckily, different sorts of loans are accessible to meet your personal ends. For instance, you have auto loans to purchase a new car, home loans to buy a property, student loans for educational expenses and business loans for start-up aspirations.

Sometimes, you require urgent funding to manage the expenses which do not belong to a particular category. In such circumstances, unsecured loans offer the much-needed financial assistance to fund planned and unplanned expenses. These loans are also beneficial in achieving personal goals or enhancing your overall financial status.

Obtaining an unsecured loan is always a helpful funding source when you need money fast. As you must be familiar that, these loans do not have the backup of an asset or collateral, qualifying conditions may be stricter than secured loans. Interest rates will remain competitive because you are applying at Everydayfunding, your loan partner.

Our flexible deals on unsecured loans offer convenience and generate possibilities for all to fetch funds at crucial times. Do not wait for more when you have the best deal available here.

Pre Approval

How does the meaning of an unsecured loan define its working?

When you apply for an unsecured personal loan, you get the approval through your financial credibility instead of collateral like property or a valuable asset. These loans are also called no-collateral loans and form one part of personal loans (as secured loans are another).

Your commitment and recent records work as the loan security, supported by your affordability to repay the loan. You can find these loans from mainstream lenders like banks, but direct lenders also support you. You likely face stringent terms of traditional lending institutions if your credit score is lower. It is where Everydayfunding, as the direct lender, helps you with flexible lending terms.

These personal loans are also referred to as instalment loans. It signifies that you get the lump sum amount to borrow that you have to repay through fixed monthly instalments for a specific duration. Unlike other standard loan options, these no-collateral loans suit almost every financial purpose, and you will have no restrictions from our end.

The working pattern of these loans is entirely dissimilar to secured ones. Here are a few glimpses:

Unsecured Personal Loans
  • Maximum of personal loan categories fall under unsecured funding where no collateral is needed.
  • The interest rate may be high, but the convenience of getting funds early is always there.
  • The perfect time to go for these loans is during a financial emergency. You can also use these for small financial purposes.
Secured Personal Loans
  • Secured loans are a more stable funding option with a maximum loan approval chance.
  • An asset that works as the loan collateral must back up these loans, which further helps keep the interest rates on the lower side.
  • A large amount to borrow is certainly in secured loans, as the lender has no risk. However, you may lose your asset if you default in between.

What facts should you know about unsecured loans here?

The final details on your unsecured loan will depend upon your affordability and creditworthiness. If you have been keeping a good or excellent credit score, then the best unsecured loan rates are there. Rates may be slightly higher if your credit score ranges between fair or poor credit.

We have received several secured loan applications from those with bad credit histories. They put an asset to fetch cheaper interest rates. Otherwise, unsecured loans are practical funding tools to avoid any further risk.

Here are the standard unsecured installment loan details at Everydayfunding:

Criteria Details
Interest Rates

7.25% - 26.99%

(The final interest rate will be based on your credit score, loan amount, loan duration and affordability.)
Fees

Upfront charges: Nil

Early repayment charges: Nil after successful half of the repayments during the loan term.

(You may have to pay late repayment charges, but they will be applicable after crossing the buffer period of 14 days.)
Loan Amount

Minimum amount: £1000

Maximum amount: £30000

(You may get a long-term unsecured loan, but a guarantor will be mandatory.)

Loan Term

Minimum Term: 36 Months

Maximum Term: 60 Months

Repayment Options

Weekly and Monthly

(You may opt for the automatic payment option to avoid missing any loan instalment, and you will get an interest rate discount.)

What are the common uses of an unsecured loan?

Unsecured loans from direct lenders allow you to use the lump sum amount for any financial purpose. Whether it is about improving your home, consolidating multiple debts or any other requirement, you can apply without any collateral.

Given below are some frequent uses where these loans become helpful.

  • Debt Consolidation

    The primary reason for an unsecured loan is to consolidate all the pending debts as early as possible. These unsecured debt consolidation loans are often cheaper than credit cards. Therefore, people want to rectify their pending dues through loans rather than credit cards. You save a good amount by using the loan, and the chance to pay off the debt instantly is always a possibility.

  • Funding study expenses

    There should be no surprise that unsecured loans are quite popular among the students. The educational aspirants have limited income options. Consequently, they find themselves in several debts, which later prove difficult to eliminate. With the help of these private loans for students, they can get a good amount to manage study or living expenses without any collateral.

  • Home Improvements

    If not the major one, these loans can cover urgent home repairs or improvements. It is a much cheaper option than a home loan. A bank may only offer you a home loan if you have equity in the property. On the other hand, unsecured loans will be a wise decision in such circumstances. If you need only a small amount, and that will be quickly, then these loans can be used for home renovations.

  • A major purchase or an occasion

    Unsecured personal loans can fulfil your urgent need of funds, which you require for your wedding, family holidays or medical emergencies. You will get loans with lower interest rates than credit cards and be able to get higher loan amounts. The monthly instalments are also convenient to follow from your monthly income since we offer only affordable loans. Considering this point, you can also use these loans during vehicle purchases.

  • Starting a home-based or small business

    Do you have small business ideas and want to implement them? Give your business ideas a significant boost by opting for our unsecured loans. The primary reason to go for these loans is that your personal credit score and income will hold significance rather than your business background. You will have assured lower interest rates. However, if you still want a specific funding option for your start-up, we also provide unsecured business loans for couples, young people or even retired individuals.

How do you qualify for unsecured personal loans?

Preparation is vital when you want to qualify for these personal loans. However, feel free to contact us since you have approached Everydayfunding. We are flexible in our policies and want to help every individual.

Here are the factors to consider:

Past financial performance: Other lenders may take an interest in your credit history and finalise your loan approval chances based on it. We also look at your past financial performance, but it will not be the sole criterion. We vastly prefer your current financial performance.

Current credit score: We would like to know your current credit score rather than the past one. However, if you do not submit your credit report, we have no objection since we prefer your monthly income and its affordability to pay back the loan.

Full-time or Part-time income: Mainstream lenders or other loan firms may prefer your full-time income to grant you a loan. We, on the other hand, can accept your part-time income too. It means unsecured loans for the unemployed despite bad credit can be a possibility.

Debt-to-income ratio: If you provide relevant documents describing your debt-to-income ratio, then it will make your loan application more attractive. Make sure you save time preparing papers, especially if living on a financial urgency.

What are the advantages of unsecured loans for poor credit?

You cannot escape from certain loan obligations to avail of a loan. Therefore, your credit score is vital to strengthening your loan approval chances. Primarily, the preference is around those individuals who have good credit scores. Still, options are there for unsecured personal loans for poor credit.

We have come up with more specialised deals, which bring the following bad credit unsecured loan advantages for those with less-than-perfect scores:

Soft credit check

We do a soft assessment of your past credit, which keeps your credit profile intact. A few loan aspirants who have been good in their recent financial handling can qualify for unsecured loans with no credit check.

Unsecured loans with no guarantor

Our primary purpose is to ease the financial burden on your shoulders. Therefore, we are ready to accept your application for bad credit unsecured loans with no guarantor and interest rates are still competitive.

Credit score improvement

You get an affordable loan amount and the freedom to choose your convenient loan term. All these factors will improve your credit score since you will repay the borrowed amount on time.

How do I apply for unsecured loans at Everydayfunding?

You are fully prepared to go for unsecured personal loans by finalising the loan amount and term and going through all our lending norms. Time is to start the loan application by following this general process, which applies to all loan products.

Step 01: Pre-qualify for poor credit unsecured loans as we do a soft inquiry into your credit score that will not impact your overall financial record. It will also help you to get an affordable amount.

Step 02: You are now ready to start and complete your application online and scan only the necessary documents. We use a digital process that you can follow through your laptop or phone.

Step 03: You must wait only a few minutes to receive our lending decision. Suddenly, you receive a loan quote, think about it, and accept it.

Are you sure about your decision on unsecured loans for bad credit from a direct lender? Apply now...

FAQs
What are the most prevalent unsecured loans examples for bad credit?

Most personal loans fall under unsecured loans, but at Everydayfunding, you get specialised personal unsecured loan categories. These are:

  • Loans without a guarantor for bad credit (from £1000 to £10000 depending upon your income)
  • Loans for unemployed with bad credit (from £1000 to £5000, available on part-time income as well)
  • Payday loans (from £1000 to £3000, use only during a financial emergency, otherwise avoid it)
Can I use my part-time income to get unsecured loans for bad credit?

Yes, we provide you with the provision of getting unsecured personal loans for bad credit on your part-time income. However, you may not get much, and the term remains shorter. Nonetheless, this option seems effective during an extreme financial emergency or when you are not earning a full-time income. Sometimes, we approve loans for people on benefits by assuming these benefits as repayment sources.

What should I do to get the best unsecured loan rate?

Whenever you need a loan, your first concern would be to get an unsecured loan on interest rate which is relatively affordable. To get these, you need to follow certain things, such as:-

  • Pay all your recent payments on time;
  • Avoid applying for loans at multiple lending places;
  • Keep your credit score on excellent or good figures;
  • Apply with a guarantor or with a full-time income to minimise the risk
What benefits will I get on an unsecured guarantor loan?

An unsecured guarantor loan can be an effective option to consider. You will get the following benefits:

  • An unsecured guarantor loan can be an effective option to consider. You will get the following benefits:
  • You will be eligible to get a larger amount to borrow since the lender is at no risk;
  • There is always an opportunity to make a larger purchase or to fulfil a major financial goal.
Should I get an unsecured debt consolidation loan to pay my mortgage payment?

You can utilise the loan amount to pay your mortgage, but make sure you can repay this loan, too, with no miss. However, we suggest you avoid taking this and manage mortgage payments from your income only. It is because you already have a poor credit score, and taking out another loan when the mortgage is going on will be a considerable risk.

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