June 20, 2009
If you don’t have collateral to pledge towards a loan, it’s ok. With an unsecured personal loan, your signature is all that’s required to obtain cash funds.Unsecured personal loans are loans not backed by collateral such as property, which can be repossessed or pledged in the event of default. Typically, a borrower need only provide a signature to obtain unsecured personal loans. For this reason, they are sometimes called 'signature' loans.
Very often, unsecured personal loans are more desirable to borrowers who want to obtain cash quickly and easily. Applying for unsecured personal loans requires far less paperwork, no collateral, and no verification of income. Furthermore, unsecured personal loans can be obtained even if you have bad credit or no credit.
Unsecured personal loans usually range from $500 to $25,000, but because of the risk inherent to the lender, loan amounts tend to be smaller. That’s why it’s invariably easier to borrow money, especially a larger sum, with collateral than without.
It is important to remember that because the lender has nothing to repossess in case of default, unsecured personal loans will carry a higher interest rate and repayment periods can be shorter. This means your monthly payment may be larger than on a lender-safe secured loan. Regardless, for people looking for a quick, no-hassle injection of money into their accounts, unsecured personal loans are usually a smart choice.
If you find yourself in a bind, and your credit is bad or you're just trying to establish yourself, one of the many unsecured personal loans from Cashloan.net can be an excellent choice. By making timely and consistent payments, you can easily establish or repair your credit in a relatively short time. Moreover, there's no fear of losing any personal property in the unlikely event of default.
If unsecured personal loans sound like a good solution for you, then Cashloan.net may be able to help. With our famously fast approval time, you could possibly have your funds in less than an hour!