We all know that it is much easier to get a loan application approved against collateral. But, the entire property evaluation procedure is very time-consuming, as the lender has to first assess the value of the pledged collateral, and then workout the loan clauses.
Unsecured loans are famous for their fast processing nature - less paperwork and speedy approval, as the lender simply evaluates the loan seeker's credit record and future payback ability. However, the standard unsecured loans are not quick enough for circumstantial emergencies.
This is when the quick unsecured loans come into the picture. These loans are availed by people who are in urgent need of cash and cannot afford to go through even the short unsecured loan approval process. Basically, these are specialised loans for incidental crisis and are availed for critical monetary requirements like medical emergencies, last day university fee deposits, etc.
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The very basic attributes of quick unsecured loans and the usual unsecured loans are same - offer cash without collateral and no property seizure. Neither is every loan seeker capable of offering something substantial as security nor is there always a need for it. Moreover, the loan taker does not face the risk of losing collateral even in the event of a default.
Typically, the rate of interest (average APR) of quick personal loans [http://www.loans-park.co.uk/unsecured.html] is higher than the standard unsecured loans (average APR 19.9%) with non-negotiable repayment terms and very short pay back period. But, in rare cases, one may negotiate and get an extended duration at the same interest rate.
The fundamental difference lies in the application approval time and lenders play a very crucial role in this respect. There ability to cater emergencies are making them very popular in the market - a special privilege for people in critical need. And, as they are of unsecured nature, they can be availed by all.
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