Money Mole Announces Three Common Misconceptions when Dealing with Unsecured Loans

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Following a rise in the number of companies offering financial solutions, often with hidden costs and clauses, the financial experts at Money Mole have assessed the reliability and cost-effectiveness of unsecured loans.

Many are wary of the implications it entails, due to a number of misconceptions surrounding the issue, but the team at Money Mole have explained the benefits of unsecured loans.

There is no question the financial solutions industry is on a rapid increase, but many people are questioning the services of a number of these companies. This has led to confusion and doubt within the public over areas such as unsecured loans. Many are wary of the implications it entails, due to a number of misconceptions surrounding the issue, but the team at Money Mole have explained the benefits of unsecured loans. A representative of the firm had this to say on the matter:

“Obtaining a loan is often a necessity, especially in the current climate, however it is always important to borrow sensibly and at Money Mole, we always ensure our customers make the best decisions based on their personal circumstances. We find that many people approaching us are often wrongly informed about certain myths concerning unsecured loans, when in actual fact, taking out an unsecured loan can be a recommendable financial solution.”

1.    One of the main misconceptions regarding unsecured loans is that they take a long time to process. Fortunately, this is not often the case. The experts at Money Mole would suggest that all prospective customers ensure that they have all the relevant details readily available, and estimate that in this instance most people can expect to receive the agreed money to their account in just a few days. The team are always keen to stress that wherever possible, it is better to source the best loan for your circumstances rather than the fastest available option.

2.    Interest ratings are always a topic of concern amongst those looking into acquiring a loan, but the team at Money Mole are advising their customers on how unsecured loans often come in at a lower APR than a majority of other options available. Most banks offering unsecured loans offer a typical APR of 6%, which is way below a typical credit rating of 15% or more.

3.    One fundamental issue that puts customers off unsecured loans more than anything else however is that many people assume they will not be eligible. Due to the current financial conditions, many people believe that their credit rating is not suitable enough to be considered. Whilst it may be more difficult to arrange an unsecured loan now than in previous times, it is still possible, and by using a platform that allows customers access to quotes from a large number of companies, such as Money Mole, users can be sure to find an affordable deal from a reputable company that works for their requirements.

Based in Essex and London, Money Mole is one of the UK’s largest financial brokers. Specialising in providing customers with a range of financial services including the arrangement of secured loans, unsecured loans, re-mortgage, or life insurance, the company have a trusted reputation for helping people from a range of financial backgrounds.

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Ben Austin
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