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.