Please see information on Unsecured Loans below.


Unsecured Loans

What is an unsecured loan?

Unsecured loans are loans where there is no physical collateral or asset used to secure or protect the loan. This means there is no item of worth the lender can retrieve if the loan repayments are not met.

What are unsecured loans used for?

Unsecured loans can be used for any personal purpose, things such as home improvements, vacations, car repairs or unexpected expenses are all popular uses for unsecured loans.

What are the terms?

Payment terms on unsecured loans are usually flexible, typically from 24 months to 84 months. Depending on your employment status and credit history, the lender will set the terms for you to repay the loan.

What are the benefits?

Unsecured loans are widely available in USA allowing you to borrow money without the risk of losing your home. This means that unsecured loans are a lot less risky to the borrower than a secured loan which makes them much more appealing to many people.

What are the risks?

Watch out for the interest rates when you take out an unsecured loan. Because unsecured loans carry a lot more risk to the lender, you will have to pay a higher interest rate back to the lender. If you have a poor credit history you should ensure you are extra aware of the interest rates or any fees. The riskier the loan the more expensive to the borrower.


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