ASDA is a financial institution which is part of the Wal-Mart group. The company is situated in Leeds, England and is registered in UK. It operates in partnership with GE Consumer Finance. Various kinds of financial services can be availed from this institution among which unsecured personal loans are the most sought after. The interest rates charged here is comparatively lower, just about 8.2%. People avail such loans for various purposes, for example buying a new car or to pay off previous dues or even to refurbish their home.
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ASDA loans provide the customer the freedom to choose the repayment period which is fixed between 12-84 months. Normally, an ASDA walk in customer will get his loan approved within working days of the same week and the cash will be credited to his account in about 48hours after approval. Application and approval of loans is also done online. The response is quite fast in this case also. One of the major advantages offered by ASDA loans is the 3 month holiday period in repayment structure, i.e. the customer need start making repayments only after 3months from the date of disbursement of loan amount. From then on, a fixed amount has to be paid on the same date in subsequent months.
An ASDA loan is perfect for those who want to avail a smaller loan amount repayable in a period of 3-5 years. They have a facility called Little Loans where amounts from £3,000 to£ 7,500 maybe availed. The repayment period ranges from 12-60 months here. Loans above £7,500 are termed as Personal loans. Thus loans with ASDA are classified into two distinct categories as Little loans and Personal Loans.
In order to avail a Personal loan, you need to be above the age of 24 and employed. They are available up to the age of 65. The only information required is details of your bank, employer, proof of address and monthly income and expenses for the last 3 months. As mentioned earlier, the amount to be paid every month is fixed, there's no provision to pay more or less but a lump sum amount maybe paid and the loan closed off at an earlier date.
These loans give you the provision of loan insurance. You get to choose from among the Gold, Silver and Bronze plans. The Gold plan covers unemployment, illness and disability, the Silver plan includes disability and unemployment and the Bronze covers disability alone. In case of your death before the full loan repayment, all the insurance plans provide for full pay off of the loan.
The usual default charges associated with any loans are applicable here also. There is a charge known as Trace fee levied on those customers who do not inform the bank of their change in address and the bank ends up searching for them. In case of delay in repayments a late payment fee will be charged. Putting aside these limitations, ASDA loans are certainly worth trying out for someone who wants urgent money with the minimum of formalities and legal paraphernalia.
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