An unsecured loan, sometimes called a signature loan, is one that is obtained without any type of collateral. Someone approved for this loan agrees to pay it back within certain terms and signs documents stating this agreement.
Types of non-collateral loans include a personal loan from a close friend or family member, a credit card purchase and a loan from a bank. All of these require some type of agreement between two parties. The loan with a friend may be a verbally agreement or an I.O.U. The credit card purchase uses a form where the purchaser signs in agreement to pay. Both bank and credit card lenders look at the creditworthiness of a borrower before lending money.
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Why would someone choose an unsecured loan?
The most popular reason is because it can be used for almost anything; a wedding, new car, bills, home improvements. If you are in need of some quick cash and do not want to put your home up as collateral, an unsecured loan is the best option. An non-collateral loan is typically more expensive, however are perfect for those situations where it is more inconvenient or not possible to arrange a secured loan.
Lenders offer unsecured loans to consumers they believe are a lower risk. Several factors are taken into consideration:
~credit history
~length at current residence
~job stability
~customer status
Non-collateral loans have gained popularity as a risk-free way to address urgent and short-term financial needs of the average man. This type of loan is fast because there is not a need to evaluate a property. The documentation for the loan is also less which makes the loan process quicker.
The interest rate of an unsecured loan may sometimes be a little higher than a secured loan, but this does not stop borrowers from applying. Borrowers are very much satisfied with quick money without the need of a security. An unsecured loan is very helpful for someone who has a bad credit history or judgments. They are simply much easier to get and can often be approved within 24 hours.
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