How An Unsecured Guarantor Loan Can Be The Solution To A Poor Credit History

The main disadvantage is that it is an expensive loan to pay back.

Who is the best candidate for an unsecured loan?

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Though it is not considered a critical factor, a good credit history makes for a good candidate for unsecured loans. If it is a bank providing this loan, an account holder is a good candidate. A longtime resident of the place with a secure job is also a good candidate. So while granting the loans, the lenders consider those candidates as best candidates who can repay their loans in a short period of time because of their secure job and impeccable credit history.

Is the interest (APR) flexible? How is it calculated?

The interest rate on an unsecured loan is calculated depending on the following factors:

1. The amount borrowed - the interest rate is inversely proportional to the amount borrowed usually. If large amount is taken as loan, then the interest rate will be less while the interest rate will be high for a small amount of loan