The key and fundamental difference between secured and unsecured short term loans is that the latter doesn’t demand any collateral, security or guarantor, whichever term you may wish to use. There are some short term loans that require a credit check and hence will have a certain criterion. Very poor credit scores or lack of credit history will not be accepted by such lenders. Other lenders of unsecured short term loans will not rely on credit score. Look for declarations where the lender states no credit check is required. This implies your credit history doesn’t matter. Even not having one will not be an issue. Beyond the security or lack of it and credit check or otherwise, there is a host of other factors that will determine your eligibility. All of these factors will have a bearing on the loan amount.
Variable Loan Amount
You can check as many websites as you want or speak with as many lenders as you can find time for to know their caps. Every lender will have a minimum loan amount and a maximum. It is no secret that those with higher incomes and more reliable or stable professions will be eligible for the maximum loan amount. The purpose is not much of a determiner here as not many borrowers will have one specific purpose at the time of applying for short term loans. This is where things get a little tricky. The loan amount one is eligible for can depend on some discretionary factors. These may or may not be disclosed. It is possible you would qualify for a particular loan amount while someone else with the same income as you may qualify for more. This can be owing to your credit history or past association with the lender, the profession you are in or simply because a loan officer at the lender deems you fit for a particular amount. Such inconsistencies exist and that is why you should take a broader view of unsecured short term loans.
Apply through Cash Carrot
Borrowers need options to choose the best short term loans. Cash Carrot can facilitate that. One simple application and you would get quotes from multiple lenders. All are local lenders operating within the United Kingdom and have been a certain degree of repute. Availing as many options as you qualify for is certainly helpful. The additional benefit of dealing through Cash Carrot is you would get a fairer idea of the loan amount you qualify for.
Just as borrowers need money, lenders need to lend money to keep their business going. They wouldn’t want to lose out on a client that would pay back in time and if they have to be a little more generous with the loan amount to secure that borrower, they will. Lenders are often shaky with borrowers who keep pushing for a higher loan amount. With Cash Carrot, you don’t need to persuade any lender for a higher loan amount. Simply check your options and go with one that meets your needs.