Today loans are playing an integral part in the normal lives of people. Gone were the days where availing loan of any kind was considered to be a taboo. Now the situation is far more different then what it was earlier and as the time has progressed so has the common people's perception towards the concept of availing loans has also changed a lot. That is why; more and more people do not hesitate before availing any kind of loan. Also as the time changed so has the competition in the loan lending market has also gone on to increase which is why now money lenders have relaxed the rules, regulations and formalities to such an extent that now a person don't think twice before availing loan.
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Personal loans are one of the most popular categories of loan that most of the people avail. As it is clear itself from the name, these loans are generally taken by the borrowers from the lenders to sort of their personal financial needs. These needs could be any thing and it is not such a big deal for the money lender until and unless his money is safe. These loans can be categorised into two types, one is the secured personal loans and the second one is the unsecured personal loans. In the secured version of the personal loans the loan aspirant needs to put any of his asset such as house or any other property or valuables as security with the money lender as a security.
In return of this the money lender will offer the borrower with quite reasonable rate of interest. To avail the other type of loan i.e. unsecured personal loans the borrower does not need to pledge his any asset as security with the money lender. Also the loan applicants need not to go through the tedious process of documentation. Hence it is a type of loan that is tailor made for the likes of tenants, non-property owners and people suffering from bad credit problem. But the only thing that can put a borrower in the spot of bother is the rate of interest that the lenders of these type of loan charges. It is mostly on the higher side since there is no involvement of asset as security.
Other type of personal loan that is also grabbing the eyeballs is the unsecured loans for the unemployed. As it is clear from the name itself these type of loan is generally meant for the unemployed, aspiring job seekers and the students.
1. To avail this loan a person should have a citizenship of the country.
2. He/she should have a running or active bank account for initiating the smooth financial transactions.
3. If the loan applicant is a student then he should have a good academic record.
4. The loan applicant must have a residence proof to support his cause for availing the unsecured loan for the unemployed.
Last but not the least he/she should be above the age of 18 years. Availing of this loan does not require any pledging of asset on behalf of the loan aspirant. But the rate of interest in these types of loans is quite high then the other normally available loans, the reason of which is quite obvious.
All in all personal loans as well as the unsecured loans for the unemployed are quite a remarkable option to solve the issues pertaining to the acute shortage of finance.
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