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Unsecured Loans

By: Jason Rathman
Posted On: Thursday November 7, 2019

Need Loan Without Collateral?

You may be in dire need of a loan, and you have nothing to offer as collateral. All you need is an unsecured loan, and we would connect you to lenders who can provide you with one.

These lenders will provide you with a loan as soon as the same day. It is not difficult getting started with the process. You need to fill out a form on our website.

Our website is secure, and we can guarantee that the information you give us is safe. Always submit accurate information during the application process.

Unsecured LoansOur lenders would go over your application and make offers to you. You can always go through the offers and select the one that works best for you. Usually, our lenders may decide to offer you an amount that is smaller than the one you applied for. They do these by going analyzing the information you have submitted

How old do I need to be for an unsecured loan?

It does not take much to qualify for an unsecured loan. You need to be at least 18 years old to apply for a loan.

Our lenders do not want to deal with minors, that is why they request that the borrower is at least 18 years of age. You should also have a stable source. The lender wants to be sure that you can repay the loan when the period is due. You would also need to provide a valid ID card, and you should be a legal citizen of the United States.

Do you pay cash into my bank account?

You should also have an active bank account. Most of our lenders disburse the loan into the bank accounts of the borrowers. When you have all these, our lenders will make their offer.

You can take time to go through the offers by the lenders and choose the one that would be best for you.

What are the interest rates for unsecured loans?

You should consider the interest rates the lenders are offering and their terms and conditions. You should also consider the amount they are willing to grant you as a loan.

When you are sure about the lender you want to proceed with, you can continue to interact more with that lender. Our lenders may ask for additional documents to continue with the application. They might also run some credit checks on you to check your credit history.

Unsecured LoansOnce they have confirmed your details, they would complete the application process. Then proceed to approve your loan and ask you to sign the loan the loan. The signing process is usually electronically.

You would have the loan in your account as soon as the next business day. You do not have to walk to any lender’s office to access the loan. Everything is done from the comfort of your home or office.

Is the process done online?

Filling out the form is straightforward and easy and it is all done online. The process is more accessible than the loan process at traditional banks, and you can be sure you would receive the money as soon as they approve your loan.

What are other types of unsecured loans?

Unsecured loans can come in the form of personal loans and credit card loans. Unsecured loans are usually called signature loans because they are only backed by the borrower’s signature. You do not need any collateral to access this type of loan.

Unsecured Loan Lenders- Who are they?

Now that you have all the information, there is nothing stopping you now. With our lenders, you get to qualify easily since their requirements are easy to meet.

Do not wait till you are in a deeper mess to put in an application. Our lenders put in more effort to grant you the loan just the way you need it. If they cannot offer you the loan amount you need, they would provide you with the closest amount possible.

What is the difference between secured and unsecured loans?

Many people wonder about the difference between secured loans and unsecured loans. In actual sense, lenders find it difficult to offer unsecured loans compared to secured loans. With secured loans, they are backed by collateral. The lender has a way of getting the cash back even if the borrower defaults.

They can always sell the collateral for money. Lenders are more comfortable giving out secured loans compared to unsecured ones. With the loans backed by security, the borrower can access more substantial amounts compared to the one that is not supported by security. The repayment periods are more extended, and the interest rates are lower than unsecured loans. In the case of an unsecured loan, the lender is at a higher risk.

This is because the lender is not holding any collateral from the borrower. If the borrower defaults, it would be difficult for the lender to get his or her money back.

The risk involved in offering unsecured loans has made these loans more expensive. The interest rates are higher than that of secured loans. However, we understand that not everyone can provide security for loans. That is why our lenders also give out loans without collateral.

Interest rates and repayments

Unsecured LoansThe rates vary from one lender to the other. Our lenders make it a point to inform their borrowers about the interest rate. They give you the opportunity to make decisions based on the interest rate.

You would also know the amount you are paying for processing fees. In the end, you would know the exact total amount you would pay at the end of the period.

The repayment plan

Your lender would also discuss the repayment schedule with you. Our lenders strive to offer their borrowers the most convenient repayment schedules. They discuss with the borrowers to know the schedule that would be most convenient for them. In most cases, you would pay in monthly installments.

The amount you would pay at the end of the month would depend on your monthly income as well. You would not have to pay an amount that will weigh too much on your monthly income.

Our lenders sometimes give you accounts into which you can make your monthly payments.

They sometimes also debit your account directly on the due date. If they are using the second option, you should always leave the amount in your account by the due date. Failure to do so will mean you have defaulted on your loan.

One good thing is that it is comfortable and convenient to repay your loan since you do not have to walk to any lender agency to repay the loan. You can pay from the comfort of your home or office.

It is recommended that you pay off all your loans on time since the lender has already discussed the schedule with you.

Make sure that you do not default on any of your due dates. This may attract a penalty, making it more difficult for you to settle your debt. It would also damage your reputation with our lenders.

Note to Borrowers

We are not a lending agency; we connect you to lenders who are already in the business of funding loans. These lenders have their terms and conditions, and borrowers must acquaint themselves with these terms and conditions.

We do not have any control over our lenders’ approval processes. Hence, we cannot guarantee that the lender would approve your loan. We cannot also give you reasons why the lender did not approve the loan should that happen. For clarifications on anything concerning your loan, you should communicate with your lender.

Unsecured loans may look appealing as a financial solution, but they are only recommended as a short-term solution. They work great at relieving your financial burdens for short terms.

However, you might end up accumulating more debts when you fall on this as a long-term plan. There are long-term debt management programs that can help you adequately deal with financial burdens. Most lender agencies have these options as well. You can access more substantial amounts and more extended repayment periods with long-term loans.

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Jason Rathman

Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.
Jason Rathman

Latest posts by Jason Rathman (see all)


Author: Jason Rathman

Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth knowledge of all things financial, he is a great asset to Greendayonline.