If we go by the general trend in the market, personal loans are generally understood as a type of unsecured loan. That is a loan that can be taken without the need of pledging any collateral against it. Definitely a low risk option for the borrower, the maximum amount that can be issued by the lender is somewhere around £25,000.
As there is no evaluation of property involved, therefore the entire procedure is not time consuming. With least amount of red tapism involved, these forms of financial aid are also called fast personal loans.
Personal loans are easily available loans however, not everyone can obtain them. There is only one reason for this phenomenon. The fact of the matter is that these loans are offered to only those customers with a clean credit file. Which brings us to one of the most pertinent question...how important is a credit file for borrowers looking for fast personal loans?
Well, the answer is very simple. It's extremely important. If you have CCJs, defaults, arrears, bankruptcy or missed payments against your name, there is a good possibility that your application may soon be dumped on to the ever growing pile of rejected applications.
That is why; it's wise to get a free credit check done at any of the credit bureau like Experian, Trans Union or Equifax before submitting the online application form for personal loans. It is advisable to apply only with sites that have FSA (Financial Services Authority) authorisation or affiliation. That ways you can have access to legal aid in case the lender uses unscrupulous methods to extract more interest from you.
In case of any discrepancies in your credit statement, immediately inform the credit bureaus and your lender. Don't despair even if you have a bad credit history. If your DTI or debt to income ratio is decent enough, then the lender may ignore your past defaults and CCJ records.
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