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An unsecured loan is a loan that is not backed by collateral. Also known as a signature loan or personal loan .

Unsecured loans are based solely upon the borrower's credit rating. As a result, they are often much more difficult to get than a secured loan, which also factors in the borrower's income. However, an unsecured loan is considered much cheaper and carries less risk to the borrower. However, when an unsecured loan that is not backed by collateral, AKA signature loan or personal loan is granted, it does not necessarily have to be based on a credit score. For example, if your friend loans you money without any collateral, meaning something of worth that can be repossessed if the loan isn't repaid, then your credit score has zero to do with it, but rather the value of your friendship is at stake. Therefore the real meaning of an unsecured loan is that it is not backed by any object of value and is loaned to you based on your good name. For financial institutional purposes, they may want to look at your credit score because they are not your friend and it is strictly a business transaction, therefore your good name may be associated with your historical payment history on prior debt, reflecting in your credit score. There are three types of unsecured loans. First there is a personal unsecured loan, meaning a loan that you individually are responsible for the repayment of, second is an unsecured business loan which leaves the business responsible for the repayment, and finally there is an unsecured business loan with a personal guarantee. With the latter, although the borrower is the business, you as an individual will be the payer of last resort if the business defaults on the loan.

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Succes replied: "Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan."

Mike D! asked: "I will probably need to replace my car soon, but I don't know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It'd be about double for me, as I don't have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash.Now the questions ... is this possible, or is there usually some stipulation that you can't use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!"

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WhiteWolf359 replied: "I don't know what state you live in, but in Florida you are required to have collision insurance for at least $10,000, even if you own your car. As to personal loans, yes, if you have good credit, you can usually get one with no collateral. Just explain to the bank that you want the money to purchase a new car, and arrange a repayment schedule based on your current income. Most banks will do that."

regerugged replied: "Apply for a personal loan at your bank. For the amount you are considering, you could get the loan with no collateral, as long as you have the ability to pay the loan payments.I have a $20,000 line of credit at my bank. All I had to do was ask for it."

Yellow Tail replied: "Some banks do give small loans of about $2000-$3000 and it helps if you have an account (s) with the bank.If your credit is good, the bank will consider giving you more money and for sure if you own your home and don't owe major amounts of money to others, you'll probably get the money."

jrzeegrl71 replied: "A personal loan is an un-secured/non-collateralized loan. Your approval is based soley on your credit history and abilty to repay, i.e. steady source of income (which they will want to verify).In my state, with the Bank I work for, you apply, get approved and, as soon as the docs are generated (usually only a day or so), you sign and receive a check same day. As far as your stipulation question, this is a personal loan and, as long as you're approved, the Bank generally does not want or need to know the purpose."

Stephen replied: "I would stay away from any kind of vehicle and personal loans. Auto loans are usually for 5-7 years and personal loans are shorter. But with personal loans you will pay a higher interest rate. Start saving what you think would be a car payment now, collect interest on your savings and then buy a car with straight cash. A 20, 000 loan for auto should cost about 24, 000 after intesrt at 6%. So you really paid 24, 000 for your car. Try selling things you don't use to get your car fund going, add what your blue book value for your current car and see how much more you need to save. Put aside a $1000 for a deductable and save even more on car insure with full coverage. I insured two vehicles w/ full coverage in KY for $700 because I set aside the deductable in savings. I would stay away from using collateral because if a bank won't loan you they money you shouldn't be borrowing it to begin with. Visit a personal finance plan site like dave ramsey.com and don't go into debt in the first place so you have money to save for what you want. Yes if you have good credit you won't need collateral. But writting a budget and saving for what you want will get much further then taking out loans will. Always conduct yourself with integrity and money will find it's way to you.All hard work brings a profit, but mere talk leads only topoverty.Proverbs 14:23, New International Version"

Emily asked: "I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?"

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bostonianinmo replied: "Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan."

Pehsha P asked: "I am looking for a personal loan, but my credit is not good. I don't want a payday loan but that is all I find on the internet when I type in personal loans for people with bad credit. Do you know any lender who will give loans to people with bad credit? I don't really care to much about the interest rate. I just would like the loan to pay off some stuff and get some new things I need around my house. But I don't own a home, so I can get a home loan."

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roger v replied: "prosper.com They give loans to just about anybody, you just have to sell your story."

going_crazy82 replied: "Hmm I doubt it, maybe with a co-signer u can"

wishstar28 replied: "there is places some local banks do. u pay higher interest then somebody else would. look in the phone book and start calling some places and u would be surprised on how many places gives loans to ppl with bad credit. just tell them pretty much ur credit sucks but they will decide that. there is help stop looking on the computer."

autism_mom43 replied: "payday loans are all toy an get but whatch out for them they will rip you off"

BeBeAdY asked: "I just received an offer to apply for a personal loan for up to 35,000 with Bank of America and for up to 5,000 with citibank. I actually need no more than 7,500. The interest rate is between 9,97 and 27,88 based on credit worthyness. I will like to know how it works. I'm hesitating between that and applying for a credit card. My credit score is fair (650). A friend advised me to go for the loan because it's a guaranteed fixed interest. But since I've never done it b4 I will appreciate some more advice. Thanks Much."

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Mrs Apple replied: "Loans and credit card are quite similar. It really depends on your credit history and your employment status. No company will give you money if you don't have a job. Loans and credit card interest can be fixed or variable. This is something that you need to talk to the bank about. Don't apply for a credit card if the interest is not fixed. The only difference is that a loan will require you to pay off at a certain amount of time. This is how the bank calculates your monthly payments. As for credit cards, you can pay off anytime you want but you'll need to make minimum payments. Since you are only making minimum payments, you can end up never paying off this debt. However, you can negotiate on the interest rate in the future if your credit history improves."

Diva replied: "Go for the personal loan because it gives you in addition to the fixed interest rate a specified amount of time to pay off your debt. Credit cards, as we all know will only require minimum payment and it can take you as long as 20 years to get out of a 7,500 credit card debt. And also, with the credit card if you only pay the minimum, your card will stay maxed out for a long period of time and that wouldn't be good for your credit score. With the loan you pay a fixed price every month for 2,3,4 or 5 years and that's it. But b4 you do any of that, make sure that you are braced to make all future payments on time, b'coz taking the money right now is the easiest part of all. So look into your finances, your job and any alternatives in case some things don't work as you plan. Draw a plan B and if possible a plan C before you go asking for money. Good luck"

In general, every physical thing can be lent and could be consider as a Loan on another person. however, in today’s financial word the term ‘loans’ refers to monetary loans obtained to satisfy financial needs. The person or institution providing loans is known as the lender the person obtaining...............

Tired of getting rejected by numerous financial lenders? If you are, then it's time you consider applying for a personal loan. With this type of loan, you'll be able to pay for whatever you need and want, the creditor here couldn't care less for what you use it for (as long as it's legal).

Obtaining a student loan is one of those things that most of the people that are doing it know absolutely nothing about it. Much like purchasing a home, signing up for student loans may only happen once in a person’s life and there are many things that a person will need to know about the student loans being offered to make sure that they are...

We provide unsecured personal loans for people with poor credit or have been refused elsewhere.WE GUARANTEE TO ACCEPT YOUR APPLICATIONWe do not credit score and we do not have a 'computer says no' mentality. We believe that each individual should be treated as such and that's what we do at The Loan Guarantor specialist.All of our unsecured loans ar

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