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Getting to Grips With Unsecured Credit

When you need to borrow money for something important, and fast, you’ll usually turn to loans for help. Although a lot of people try to avoid taking out loans whenever they can, it’s important to remember that loans can be a helpful and convenient way to get some financial assistance when you need it most.

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The right loan ensures that you can spread out the cost of an important expense. This can make things like paying for car repairs or new home investments much easier in the long-term. What’s more, with a loan, you don’t have to rely on things like maxing out your credit cards or tapping into expensive overdrafts to make ends meet.

One of the best things about loans in today’s modern world, is that they come in a variety of different shapes and sizes. There are loans that you can take out for several years at a time to help you make crucial purchases. For instance, you might get a mortgage to pay for your new home. On the other hand, there are short-term loans that allow you to borrow money for a month or less. These lending options are ideal for when you just need to borrow a little bit of cash until your next payday.

One of the major things separating loans in the current US marketplace, is whether your lending is secured, or unsecured. Here’s what you need to know about unsecured and secured loans.

What is a Secured Loan?

When you take out a loan, you’re promising a lender that you’ll pay back what you owe according to a set schedule. Usually, in exchange for giving you the money you need, you’ll pay the lender that cash back, plus some extra in the form of interest.

The more risk the lender needs to endure when giving you your money, the more difficult it can be for them to approve your loan. That’s where secured lending comes in. When a loan is secured, you promise the lender that if you can’t pay back what you owe, or you default on your payments, they’ll still get something from you. For instance, if you were taking out a car loan, you might secure the money against the car. That means that if you can’t pay your loan on time, the company giving you the loan has the right to claim your vehicle.

A good example of a secured loan is a mortgage. If you fail to pay your mortgage, then your lender can stake a claim on your house. Although $2500 loans can be riskier for the people who need to borrow money, they have their benefits. For instance, you’re more likely to get a loan on a large amount of money, and over a longer period or term with a secured loan. You can also improve your chances of getting a loan without a guarantor if you have a thin credit file or bad credit.

What is an Unsecured Loan?

So, if a secured loan gives your loan provider some security in case you don’t pay what you owe – what does an unsecured loan do? In simple terms, it gives you more peace of mind with your lending. With an unsecured loan, you don’t have to promise your lender anything in return if you can’t pay what you owe.

Crucially, although an unsecured loan doesn’t require you to offer a security, like your home or another valuable, that doesn’t mean that the lender can’t fight to get the money that they’re owed. If you fail to pay what you owe, your lender might still arrange to have you taken to court so that they can get their money back.

Unsecured loans come in many different shapes and sizes. A common form of unsecured loan is a personal loan, where you borrow a small amount of money and don’t promise anything in return. Another great kind of unsecured loan is a payday loan. Payday loans allow you to borrow money for a very short period of time. Because you’re only borrowing a small amount of cash, and you’re going to pay back what you owe on your next payday, you don’t need to prove yourself to the loan provider as much.

While most unsecured loans will require you to have an excellent credit score to get the best interest rates, you may be able to get a good deal on a payday loan, even if you don’t have a good financial background. This is because the nature of the loan is less risky to the person that is giving you your money.

However you choose to take out your unsecured loan, it can be a flexible and convenient way of getting some money without relying exclusively on overdrafts and credit cards. Unsecured loans are also an excellent option if you don’t have anything to offer the company that you want to borrow from in terms of security.

Can You Get an Unsecured Loan?

A great thing about unsecured loans, is that there seems to be something for everyone in today’s marketplace. Depending on what you need, you can find unsecured loans to suit anyone. As mentioned above, if you’re in a tricky spot with your credit, then you can apply for a payday loan in 27 states today. Additionally there are nine other states that offer short-term lending with some stipulations.

On the other hand, if you do have a good credit score, then you can also consider other more long-term unsecured lending in the form of personal loans. However, it’s worth noting that you will have to budget for the extra cost of paying interest on your loan each month this way.

The rules and conditions around applying for a loan will depend on what kind of lending you want to access. However, the most common things that your lender will look for include:

  • A regular source of income: You’ll need to prove that you’re capable of paying back whatever you owe. It’s particularly important to show this if you’re applying for a payday loan.
  • A reasonably good financial history: You shouldn’t have any court cases or bankruptcies in your name when you’re applying for an unsecured loan.
  • A US address: You will need to live in the US and be a resident of the state that you’re applying for the loan from.
  • A bank account: You need something for your loan to be paid into when you’re approved for the money that you want to borrow.

Crucially, you will also need to be a legal adult in the US to apply for any kind of loan. You will not be able to get a personal loan or a payday loan.

Why Use Us?
How much do you offer?
$100 - $5,000
No charges
Approval Chance?
High approvals!
Is poor / bad credit accepted?
All can apply
How do I get a loan?
Apply Online
2 min Application
Do I pay it all back at once?
Easy repayments

What are the Benefits of Unsecured Lending?

All loans have their pros and cons to consider.

Unsecured lending is likely to appeal to a wider range of customers for many reasons. For instance, you don’t have to be a homeowner to apply for this kind of loan, and you can usually get a more flexible lending experience. Additionally, many people find that they feel much more comfortable taking out a loan when they know that none of their most important possessions are at risk. With an unsecured loan, you can borrow the money that you need without any stress. What’s more, there are plenty of amazing unsecured lenders to choose from.

The biggest problem that most people have with unsecured lending is that usually you need to have a reasonably good credit rating to get the best deal. However, as mentioned above, this doesn’t have to be the case if you’re applying for a short-term loan. If all you need is a bit of extra money to take you through to your next payday, then you can get a payday loan without the best credit rating. All you need is a regular source of income that proves you can afford to repay what you owe.

Just make sure that, like with any kind of loan, you track down the best possible lender for you. Taking a look at the different providers on the market to see what kind of interest rates they offer can help you to reduce your overall cost when it comes to managing your loan. Additionally, you might be able to find a provider with limited extra fees.

Should You Get A Loan That’s Unsecured?

If you’re looking for a stress-free lending experience that comes with plenty of flexible options to choose from, then lending with an unsecured cash advance could be the perfect solution. You can use online comparison sites to track down the loan that’s right for you, and even get a loan that you can pay back within a month or less!

With unsecured lending, you could even ramp up your credit score and show future lenders how trustworthy you can be. All you need to do is make sure that you’re borrowing from the right provider, and choosing the loan product that’s right for you.