Personal loan, an unsecured loan also known as a signature loan is a monetary loan that is not secured against the borrower’s assets and is solely based upon the borrower’s credit rating and income. Unsecured personal loans have a fixed interest rate and generally carry no restrictions as to what the funds can be used for. The proceeds are often used to pay for unexpected expenses, vacations, bills, buy a new car, and home improvements.
Interest Rates, Unsecured personal loans tend to have a higher interest rate than secured loans for one simple reason, they are unsecured. If the borrower defaults on a secured loan the lender has access to collateral to minimize the losses. With an unsecured loan, the lender has to take the loss without recourse.
Applying for an unsecured personal loan is very simple. Complete the online application and we’ll electronically forward it to a lender whose guidelines and requirements are a potential match to your qualifications and request.