days came to an abrupt end and it is now far more difficult
for somebody who has no collateral to borrow money. To do so
one is usually required to have a good credit history, a permanent
job and a residential status that is demonstrable, long-term
there remains a risk of default, and so the lender effectively
takes out insurance against this risk by charging a higher rate
of interest than would have been the case had the borrower been
able to offer security. As a rule of thumb the less strict the
criteria for qualification are, the higher the repayments will
usually be. Even mainstream cheap loan unsecured lenders have
been known to set an APR of up to 50% when granting loans to
So when one speaks
of obtaining a cheap loan unsecured one is speaking relatively.
It is entirely reasonable that a lender would want to seek some
protection against default, however it is equally understandable
that the responsible borrower would not wish to be paying too
much for the dishonesty or misfortune of others. It is therefore
always a good idea to shop around for the best deal and the
lowest APR available to unsecured lenders.
good price comparison website could save one a small fortune
by finding the successful unsecured loan with the lowest APR
and the best repayment terms available. Compare cheap loan unsecured
deals using the above companies and websites today.