What are Unsecured Loans?

Updated on August 1, 2021 in Finance
6 on December 28, 2018
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1 on December 28, 2018

In an unsecured loan, no collateral is involved. Your creditworthiness is all matters in an unsecured loan. A personal loan is an example of an unsecured loan. You can obtain an unsecured loan without sharing the documents of your asset.

on December 31, 2018

I agree with you Mr.Bakul but here I would like to elaborate the term ‘creditworthiness’ for those who don’t know the meaning of it, Banks only provide unsecured loans to those who have good credit reputation and repayment history. Credit reputation and credit repayment history are the two factors considered as creditworthiness while applying for any type of loan.

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0 on December 28, 2018

The best thing about unsecured loans is that if you are on default in repayment, the lender does not have any authority to take your vehicle or home. But if you are taking an unsecured loan then be ready to pay higher interest rates in comparison to secured loans.

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0 on December 29, 2018

Unsecured loans are given at higher interest rates because in these loans banks don’t have any security if the borrower is not repaying the loan.

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0 on July 31, 2021

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0 on August 1, 2021

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