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There was a time when getting unsecured personal loans online was a novelty that only underlined how useful a tool the Internet can be. But in recent years, the range of loan options offered by online lenders has become superior to those from traditional lenders. Certainly, the promise of loan approval with no credit checks is a huge attraction for consumers, while the speed with which approval can be confirmed, and funds deposited in the bank account of the borrower, are equally impressive. In fact, it is arguable that once an unsecured personal loan is granted online, borrowers will never find reason to return to the traditional bank loans that are more costly in comparison. Secured or Unsecured Loans When anyone seeking a loan, there are two basic types of loan to consider: secured and unsecured. It will come as no great surprise that of the two, the secured version is the best to choose. Getting unsecured personal loans online might mean securing some great terms, but with security provided, even traditional lenders are open to approving large loans at low interest rates. The key attraction of secured loans is that the item of security serves as compensation should the loan be defaulted upon. But another advantage is that, since the loan is matches by the value of the collateral, and the risk to the lender practically removed, the interest rate charged is lower too. So, the loan itself is much more affordable. Of course, with security provided, applicants can expect to get loan approval with no credit check. But it is worth noting that even if unsecured personal loans carry some risks, with income the only security that repayments will be made, online terms are still more competitive. Terms to Expect The difference between a loan from a traditional lender and an online lender can be significant, especially if bad credit is a factor. It usually comes down to the interest rate that is charged, with lower rates charged on unsecured personal loans online. The reason really centers around the fact that overheads are much lower for online lenders than for regular banks. Other contributing factors relate to the strictness of the procedures and terms that exist. For example, amongst traditional lenders, only very forward thinking lenders would grant loan approval with no credit check. However, amongst online lenders, this kind of advantage is becoming almost the norm. The greater degree of flexibility offered by online lenders also extends to loan limits and repayment periods. For example, unsecured personal loans of between $100 and $25,000 are available with no credit checks. While, the repayment terms can range from 30 days to 25 years. Qualifying for Online Loans The criteria applicants must meet in order to qualify for an online loan are quite familiar. Applicants under the age of 18 can receive neither secured nor unsecured personal loans online, so proof of age is required. So too is proof of citizenship or a long-term residence visa, while a source of income is obviously essential. Having a working bank account is important too. After all, the only way in which the funds can be given to the borrower is by depositing the funds directly into their bank account. Also, monthly repayments on these unsecured personal loans can be withdrawn directly from the account too. Also, granting loan approval with no credit check makes the approval process much faster, so it is the ideal option for those in financial emergencies. Mary Wise is an expert in the financial industry and knows exactly how to aid you in getting approved for the loan or credit card you need. She has helped a lot of people to obtain Guaranteed Bad Credit Personal Loan, home equity loans, car loans, unsecured credit cards, payday loans, Bad Credit Mortgage Loans and many other products regardless of their credit situation through his website http://www.badcreditloanservices.com
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