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Unsecured loans are those loans in which the borrower does not have to pledge any collateral as security for the loan. In the past, the most common types of loans were unsecured personal loans, credit cards, home equity loans and business loans.
Take any responsibility if the borrower
Loans in this category are usually acquired on behalf of the individual by the lender. He does not have to take any responsibility if the borrower fails to repay the loan. The only risk that the lender has is if the borrower defaults on the loan.
Unsecured loans are also called personal loans. These are simply loans given without any collateral to the borrower. He need not pledge any property as security for the loan. These loans are extremely easy to obtain as the borrower does not have to show proof of his assets.
In comparison to normal loans, these loans are very convenient and easy to get. These loans are also available in a very wide range of interest rates. You can get a personal loan at an attractive rate of interest, if you are suffering from bad credit score.
Collateral in this case will be the real estate
They are issued in two kinds; secured and unsecured. Secured loans have to be paid back with collateral as security. The collateral in this case will be the real estate, land or jewelry which you might have to pledge as security for the loan.
In contrast, unsecured loans do not have to be repaid with any form of collateral. If you want to obtain these loans, then you do not have to pledge any collateral as security for the loan.
As discussed above, unsecured personal loans are simple loans. You can use these loans to clear debts, pay for emergencies, arrange vacation, treat your child for medical treatment and other such purposes.
These loans are offered for a short period of time, i.e., it is meant for emergency purposes. One major advantage of these loans is that the monthly installments are lower than secured loans.
Lender does not have to pay for the default
The reason behind this is that the lender does not have to pay for the default, even if you are repaying the loan on a long-term basis. These loans are processed within 24 hours. The applicant just needs to present a valid ID and a copy of a credit report.
Unsecured loans also require you to make a down payment for them. As compared to secured loans, the amount of down payment is much lower.
There are some disadvantages of these loans as well. The very nature of these loans makes them convenient to the borrowers, but they incur higher rate of interest as compared to normal loans.
Secured loans are typically used for purchasing assets and creating a strong credit rating. This kind of loan is meant for the purpose of investment. To boost the credit rating and improve your financial stability, try to avail a secured loan to meet your unsecured needs.