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Unsecured Loans Substituting Secured Loans

Watching more and more people fall in the trap laid down by the secured loans, you resolved never to take debt help from the lending organisations. Nevertheless, as and when need arises, the lending organisations do have to be approached for help. With the many changes that have taken place in the lending scenario in the UK, you do not have secured loans as the only option available. Unsecured loans have made their mark as loans that are easily available from lenders at attractive rates and flexible terms.

With more and more people losing their homes to the lending organisations, the aversion to secured loans has grown. Unsecured loans have gained from this aversion to secured loans. These loans provide resources to the borrowers without requiring them to offer their homes as collateral. This frees up the equity in home to be used for other purposes.

The high rate of interest that is charged on these loans is admissible. By offering loans to people without any security, lenders are putting their funds to risk. The higher rate counter-weighs the higher degree of risk involved. Lenders however, make their assurances regarding the credit behaviour of the borrower through the borrowers bank, and other organisations with which the borrower deals.

A good credit history is a prerequisite for unsecured loans. A bad remark on the credit file may dither many lenders in the UK from offering loans to such borrowers. Lenders undertake credit scoring to be on the safer side. Credit scoring is the method through which lenders assess the credit worthiness of a borrower. The borrower is asked to answer a few questions in the application form. The answers to these questions form the basis of the points that are allotted to a borrower. If the mark obtained by a person is above the set mark, he is accepted for being offered unsecured loans.

If he fails to cross the mark, he may either not be offered the loan or may have to shell a higher amount in the form of interest. The borrower may not get the desired amount and have to make do with the smaller amount. However, this does not give a generalised view of all the lenders. Each lender follows a different method of credit scoring. Thus, failure to qualify with one lender does not mean an end to the loan hunt. There may be other lenders who are ready to supple their terms to include the borrower.

Tenants and other homeless people constitute a major group of borrowers of unsecured loans in the UK. However, they are not as fortunate as their counterparts with homes. While tenants have to choose unsecured loans as the only option available, those with homes turn down secured loan offers in order to save their homes. Tenants may however have to be disappointed with some lenders since they make it necessary for the borrower to have a house, even though it is not accounted for the collateral purposes.

Unsecured loans are made available to people who are on income supports. Income support is an income related benefit normally available to people above 60 years of age. These are allowed to people who do not have enough income to meet their basic needs, or whose savings ranges from 8000 to 12000. Unsecured loans can be used by these people for a variety of purposes. The amount received through income supports will be used to repay the monthly instalments.

Unsecured loans are like regular loans in the other aspects. The process starts with the borrower requesting help through the application. The mode of application may be different for different people. Online applications rule the roost, with majority of the customers choosing the online method. Next comes the telephonic applications. However, the absence of any written record makes them less popular. Lastly, borrowers may choose to personally visit the lender and make the application. This has become tedious now because of the number of lenders in the UK increasing appreciably.

Work on the application starts immediately. Lenders search for the various offers available with them and with partner lenders. The lender offering a faster approval is more preferred. Unsecured loans are customarily approved faster than the secured loans. Most of the time that is taken in approving the secured loans goes in valuing the property. Since no collateral is required, there is no need for property valuation. Thus, unsecured loans are made available to borrowers promptly.

Unsecured loans have gradually made a place as a source of finance. Lenders, no longer consider unsecured loan borrowers with distaste. Lucrative deals are offered to people going for unsecured loans. They are now being used in all areas that earlier secured loans used to cater. Debt settlement, real estate purchase, and car purchase are some of the uses that borrowers put the loan amount to. Thus, unsecured loans have proved a better alternative to the secured loans.

About the author:
Andrew baker has done his masters in finance from CPIT.He is engaged in providing free,professional,and independent advice to the residents of the UK.He works for the Secured loan web site loans fiesta for any type of loans in uk,secured loans,unsecured loans,debt consolidation loans please visit

Friend or Foe? Finding Your Trading Personality ...Bert TerhartEvery trader has made the same fundamental error at some time in their career. Actually, most businessmen and entrepreneurs make this same mistake.

Let me tell you a story: While at graduate school, I was crazy about windsurfing. Whenever it was windy, I was sailing. Nothing else mattered. Classes, assignments, term papers, labs and everything else took a back seat. If it werent for my marks, I would have been kicked out for sure.

Ask yourself "How can anyone get decent marks with that kind of focus? And focusing on the task at hand, trading or otherwise, is what I want to talk about.

When it wasnt windy, I was concentrating 110% on my studies. And when it was windy, I only cared about sailing. I knew exactly when and where the conditions where sailing conditions were perfect because I kept a detailed journal of my sailing experiences. In other words, my journal told me exactly what I should be focusing on: studying or sailing.

The biggest mistake people make is not keeping an accurate account of what they are passionate about. When it comes to trading, a journal can mean the difference between success and failure. Not having one is one of the biggest mistakes you can make.

Its simple: when you start keeping a journal of your trading activities, those records will eventually tell you why and how you succeed or fail.

No matter what you trade or how you trade, you are your own worst enemy. Conquer your own inner-self and anything you can imagine can be achieved. As every floor trader can tell you, know thy enemy. Thy enemy, my friend, is you!

By keeping detailed records of your trades, and periodically reviewing those records you will begin to see patterns that lead to either success or failure. By detailed, I mean time of day, weather, your moods, your thoughts or how you were feeling physically. Write down as much as possible as clearly as possible.

By reviewing my own trading journal, I learned not to trade on windy days no matter what! I learned not to trade before programming deadlines, that my most profitable trades where made mid-week and my poorest trades were nearly always made on Fridays.

I learned that the best research I did was on sunny days. That family time and trading were poor bed fellows and that day-trading on an empty stomach was always a poor decision.

Most importantly, I learned to maximize my chances of success by knowing something about my trading personality. When I realized this, I conducted a survey of my trading clients and business associates and guess what? Those that kept a journal did far better than those that did not.

My advice to you is simple: You can dramatically increase your trading profits by keeping a detailed journal. Your journal can become your coach and mentor: An unbiased, unforgiving but honest look into your own trading style and personality.

Lastly, your journal can help you decide if you should be doing something. Perhaps you should be playing baseball with your kids or having dinner out with your wife. After all, isnt a better more rewarding lifestyle why we all do it?

Make it a habit to keep a trading journal. Your profits will soar and your stress levels plummet!

About the author:
Bert terHart makes it easy to trade profitably in any market. Learn the essential keys that separate trading success and failure. To receive your free 10-part mini-course "Trading Profits: Personal Success Formulas" visit: