Unsecured Personal Loans Definition
What is an Unsecured Personal Loan?
Unsecured lending is where the financier agrees to advance the money to the customer for the loan purpose but takes a “goods mortgage” ( Bill of Sale ) or security over the item.
Because of the greater risk to a Lender, the interest rate is going to be generally higher, and the customers profile will need to be stronger, especially with regards to the borrowers credit rating; refer to the 6 C of Credit Assessment.
Unsecured Loans have a longer term as well, and can be taken over a 7 year period, where as for secured lending the loan term has a maximum of 5 years.
Unsecured Personal Loans Uses
Unsecured Personal Loan Borrowers need to show a Good Credit History
Unsecured Personal Loans can be for any worthwhile purpose.
Below is a List of purposes most people have Unsecured Loans for:
- Unsecured Loan for a holiday
- Unsecured Loan for Debt Consolidation (Combining several loans or credit cards into 1 loan)
- Unsecured Loan for home renovations
- Unsecured Loan for a wedding
In the case of debt consolidation, click here for information on debt consolidation, or to apply online.
Take a look at the Unsecured Lenders below, the adverts on this page, or make an application for an unsecured personal loan online below.
Remember affordability is an area that unsecured personal loan lenders look at very closely, so you must be employed to apply. If you are on any sort of pension, read about Pensioner Loans.
|Compare Unsecured Personal Loan Lenders Below:
and compare the adverts for Unsecured Personal Loans Online on this page.
The easy way to get an Unsecured Personal Loan
Searching for an Unsecured Personal Loan is as easy as 1-2-3! Apply Online today for a free, no-obligation quote
Read about Unsecured Loans, & decide if that is the best loan for you.
Compare Unsecured Loans from the Lenders and adverts on this page.
Apply Online for an Unsecured Loan & a specialist will contact you.
Unsecured Loans Application
Unsecured Payday Loans
Unsecured Payday Loans from Payday Lenders
Payday lenders lend small amounts of money to people, generally in the range of $100 to $1,000 to people with a short loan term, in the range typically of 30 days to 90 days depending on state laws. Some Payday Lenders operate like a Pwnbroker and will physically take an item of worth as security, against the amount of money they are lending. When the loan is paid back, they will return the item back to you. If you default on the loan they could eventually sell the item to recoup the unpaid money. Items often taken as security are easy to re-sell, such as:
- Jewellery, such as rings and watches.
- Stereo and Hi Fi equipment
- Power tools
- Electrical equipment, cameras, computers etc.
The typical Payday lender will advance the money up to $1,000 for people employed, and up to $500 for people on a pension, even with paid defaults.
Tips & Advice
- Personal Loans South Australia
Are you employed with good credit, and after the best personal loan rates in South Australia? With over 20 years experience, we can help you find an unsecured loan for a holiday, debt consolidation, home renovations, infact any worthwhile purpose. Apply Online Today...
- read more
- Bad Credit Personal Loans
Have you been declined because you have defaults on your credit file? Apply online with us. We look at your current ability to pay, not your past credit problems. Bad Credit Unsecured Personal Loans up to $5,000 if employed...
- read more