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.
You can use the money to go on a vacation, pay bills, buy a new car, pay for home improvements and or anything else that pleases you. To get an unsecured loan you generally have to have Good to Excellent credit. However, that doesn’t mean you can’t get a loan if you have a few blemishes on your credit report.
Interest Rates, Unsecured personal loans tend to have a higher interest rate than secured loans for one simple reason, they are not secured. If the borrower defaults on a secured loan the lender has a collateral to recover the losses from. However, if a borrower defaults on an unsecured loan, the lender has no recourse.
At Getmoney.com we are not lenders. Thus, considering the fact that personal loan rate vary anywhere from 10% to 24% by most lenders nationally, it’s difficult for us to offer and suggest an interest rate you could potentially qualify for. In our system your completed online application will be electronically forwarded to a lender whose guidelines are in line with your qualifications and request. As a general rule, we always advise our applicants to review the interest rate they’ve qualified for to make sure the costs of the loan are justified.