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.
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.
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:
Unsecured borrowing comes in several forms:
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.
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