Before everyone had credit cards, people in need of a cash would go to a bank for a short-term loan. These days, people just pull a credit card out if they don’t have the cash to cover an emergency expenditure. However, if they took out a quick personal loan it would probably be easier to repay. With these types of loans the lender fully discloses the total costs and fees upfront while offering better terms.
With a quick personal loan the borrower is rarely asked to put up any collateral to secure the loan. This makes it an unsecured loan, as opposed to a secured loan in which the lender can sell the collateral if the loan is not paid back as agreed. This way the lender has a means to recover the money they lent. Collateral or secured lending is what occurs when a bank loans someone money to buy a car or when people buy expensive jewellery or furniture from retail shops on credit. The lender ties these loans to the value of the item being purchased.
On the other hand, quick personal loans are usually unsecured because the borrower is not typically asked to put up any collateral. When a lender is trying to decide whether to provide someone with an unsecured loan they are going to ask for documents so they can verify their current employment status and income. They are also going to check their credit report. People taking out a quick personal loan must agree to pay the loan back according to the signed loan agreement. Payments are typically made in installments, usually every month, but sometimes weekly or biweekly.
People commonly apply for an unsecured loan when they are low on cash and have an unexpected emergency expenditure. Another common reason is when someone cannot qualify for a more conventional type loan. Cube Finance welcomes borrowers of all kinds, no matter what income they have or what their credit history might show. If you are in need of a quick personal loan for an emergency expenditure, we’re in a position to help.
There are a few minimum requirements that Cube Finance has in order for an applicant to be eligible for a loan. The applicant must be legally an adult (at least 18 years old) and have his/her own bank account that can receive deposits electronically. When you fill out the application you will have to provide your current home address, your current phone number and email address.