There are various types of loans available to the public in the credit market. However, the majority of these loans require documents to prove the monthly income of the applicant. To attain effective solution to the immediate financial crisis, most of the applicants need fast loans without any associated hassles. The best example for such a loan is the no income proof loans that do not require any documents as a proof to the income.
This type of loan is idle for unemployed and self-employed applicants who find it difficult to arrange the documents to prove their monthly income. There are two types of no income proof loans. They are the no income proof secured and no income proof unsecured loans. As the name suggests the secured loans requires some securities against the loan value and the unsecured does not need any securities.
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The secured loans are easy to approve than the unsecured version. The reason is that as the loan does not insist any income documents, the lenders have risk free dealings with secured loans in case of default repayment. The security can be your home, car, jewelry or any valuable asset.
These loans are designed especially for unsalaried persons, freelancers, contract workers with bonus scheme and personal investors, because these persons cannot arrange a perfect record of a steady monthly income. An applicant can attain a loan value varying form £1000 to £500000. The approval takes more time compared to other loans as this loan is a risky one to the lenders. The interest rate varies with unsecured and secured loans. The interest rate is very low with no income proof secured loans compared to the unsecured loans.
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