What are the add-on charges on unsecured personal loans?
Since the risk for the lender is high in case of unsecured personal loans, the arrangement fees and early redemption fees charged by him are high as well. Early redemption charges are included in a loan agreement that will be levied on the customer, if they wish to repay the loan early. Arrangement fees are charged by the lender at the start of the loan term for meeting the pre-loan arrangements. It usually is 1%, but the borrower should ask about these charges in advance. So, with unsecured loans, you don’t have to worry about risking your home. But quick unsecured loans can help you with short-term financial requirements. If you need to fund major projects, secured loans are better.
