A guaranteed unsecured personal loan can provide you with some quick cash to cover an unexpected debt or buy a relatively expensive item. This article will take you through some of the advantages and disadvantages of guaranteed unsecured refinance personal loans.
Advantages of a Guaranteed Unsecured Refinance Personal Loan:
- You are guaranteed to be approved no matter how bad your credit rating is, providing you have a stable job (a way to pay the loan off).
- Very easy to apply- you can apply online by filling out a very simple application.
- The money is usually put into your account within a few days. However, you need to check with the particular lender as each have different terms and conditions in Sweden.
- These types of loans are not very risky to the borrower. You are not in danger of losing your home if you default on the repayment.
Disadvantages of a Guaranteed Unsecured Refinance Personal Loan:
- As these types of loans are very risky for the lenders you will be forced to pay a very high interest rate.
- The amount you borrow is greatly limited. You may only be able to secure 5,000 to 60,000, depending on how much you earn and how much the borrower is willing to lend.
- Guaranteed unsecured personal loans have very high fees, especially if you default on the repayment.
- Very inflexible. The term of the loan will probably be fixed by the lender and you will not get to choose how long you want the term to be.
As you can see there is a lot to research before applying for any loan. Fortunately, there are some good financial portals online in Sweden, such as Samlalan24.se, where you can find different types of loans, numerous lenders and different terms and interest rates. So, visiting these financial portals would be wise.