RIVERSIDE, Calif., Nov. 5, 2013 /PRNewswire-iReach/ -- Many lenders require collateral to secure a loan. It may be a car title, equity in a home, or some other valuable piece of property that the borrower owns. If the loan goes unpaid, the lender takes the collateral and sells it to recover the remaining payoff on the loan. However, other lenders offer unsecured loans, which do not require collateral to secure the loan.
When given the choice, most borrowers prefer the unsecured loans if they can qualify for them. Some lenders only extend unsecured loans to those with high credit scores, but other lenders use alternative indicators to determine a borrower's creditworthiness. These lenders consider other factors when issuing these types of loans, including the applicant's job, paycheck amount and bank account status. A borrower with a job, consistent paycheck and active bank account can normally get approved for an unsecured loan and have the funds in their bank account within 24 to 48 hours.
Aaapaydayloan.com, an online lending network is the perfect platform for borrowers to obtain these kinds of loans, creating competition between lenders, encouraging them to offer better rates to attract borrowers. "We've carved out a niche with lenders who are flexible on collateral. They lend based on other variables, such as jobs, paychecks and bank accounts," stated CEO Craig Stewart.
"With one quick and easy application at http://www.aaapaydayloan.com/unsecured-loan.html, we offer users access to our database and most applicants receive multiple loan offers that they can quickly compare. They can place the offers side-by-side to determine which interest rates, repayment terms, and fees make the most sense to them. Then, they simply select the loan they want and get access to the funds within 24 to 48 hours."
An applicant can complete the whole process quickly online. According to Stewart, the borrowers also avoid the long drawn out approval process of a mainstream bank. "Borrowers want a fast way to meet an emergency need and then payoff the loan. They want to avoid the hassle of the tedious approval process of a bank and don't want to tie up their assets as collateral," stated Stewart.
Customer demand for these types of loans continues to increase as many borrowers have watched their credit scores decline and their home equity disappear. When homes appreciated 10% to 20% a year before the housing crisis, home equity was an easy thing to use as collateral. Now many homeowners have zero or negative equity to secure a loan.
To learn more or apply, visit http://www.aaapaydayloan.com/.
Media Contact: Craig Stewart, I.D.S International inc, (646) 257-4131, firstname.lastname@example.org
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