Unsecured Personal Loans

We can’t always be ready for the unexpected expenses that life throws our way. Sometimes even having an emergency fund doesn’t cut it, if we’re hit with a large bill. When these expenses arise you may need to consider a personal loan.  

When taking out a loan you have two basic options: a secured loan or an unsecured loan. Both types have certain advantages, and your decision on which one to choose comes down to your own specific needs and preferences.

QUICK AND EASY PERSONAL LOANS UP TO $2500

What Is an Unsecured Loan?

An unsecured loan is a loan that doesn’t require collateral. Instead of offering up an asset, unsecured loans are usually determined by the borrower’s creditworthiness.

Since unsecured loans don’t come with collateral, lenders need to make sure that any borrowed amount will be paid back. This is why a lot of lenders perform credit checks on their customers, and require a good credit score to qualify for an unsecured loan. Because the lender is taking more risk with an unsecured loan, the interest rates can be higher, and loan amounts can be lower. 

Unsecured loans can cover different expenses, making them convenient for borrowers. The most common types are unsecured personal loans, offered by many online lenders, including CreditNinja.

With unsecured loans made or arranged by CreditNinja, you may qualify to receive cash when you need it the most. Our simple application process and excellent customer service make us among the most reliable online lenders available.

The cash you need at ninja speed.

Qualifying for an Unsecured Loan

Lenders need to be sure you’ll pay back your loans on time, and that’s why they check several things during the application process. Lenders will likely review your:

  • Credit score. It helps lenders predict if you’ll be able to repay your debt. The better score you have, the more likely you are to qualify for higher loan amounts with lower interest rates.
  • Income. Lenders need to know how much money you earn to assess your financial situation. The more money you make, the easier it is to repay any accumulated debt.
  • Debt to income ratio. Lenders check how your current debt compares to your income.

Types of Unsecured Loans

Unsecured borrowing comes in several forms:

  • Student loans offered through the Department of Education are unsecured.
  • Credit cards are another form of unsecured borrowing. Even though you may not think of credit cards as loans, you borrow money when you use a credit card to cover expenses. 
  • Personal loans are an example of unsecured loans. You can get a personal loan from a bank, credit union, or an online lender, and can use it for any purpose.

QUICK AND EASY PERSONAL LOANS UP TO $2500

The Bottom Line

Unsecured loans come with many benefits, and the biggest one is that these loans don’t require collateral. Personal loans are unsecured loans that can be used for a variety of expenses. Most come with fixed interest rates, which make it easier to fit your budget, as you always know how much you owe each month.

CreditNinja’s personal loans use a quick and simple application process. Contact us if you have questions, or start your application today to get your money as soon as the next business day.¹

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.