So you need cash, and you need it fast. You can't borrow from friends, you don't have anything of value to pawn, and you've maxed out your credit card. Could an unsecured, quick personal loan be an option?
Like everything in life, a quick personal loan that isn't backed by any collateral - thus the term, unsecured - has advantages and disadvantages.
1. These loans have a higher interest rate than secured loans. This is because without collateral, the loan is given based solely on your credit worthiness. In the eyes of your lender, only a higher interest rate would justify such a high investment risk.
2. The amount you can borrow is limited. Expect it to be lower than the sum you could borrow if you had collateral to put up. Why? Because the absence of a collateral makes lenders wary of forking over large sums.
3. You are given a shorter time for repayment. Because your lack of collateral makes you a high-risk investment, lenders would - quite understandably - want to get their money back as quickly as possible. And, if you don't pay as agreed, your lender will have to reinforce credit agreement clauses and recover the money via legal aid.
1. You don't have to worry about finding and putting up collateral. And, because you're not pledging any asset, you won't have to worry about losing this asset in case you can't make repayment.
2. You don't have to present tax returns or financial statements. The information your lender needs does not have to be verified through supporting documents.
3. You can obtain your loan - or get turned down - quickly. This is an advantage because you don't have to guess what happened to your application. You will know right away!
Consider these advantages and disadvantages before you take out an unsecured, quick personal loan. When you know what you're doing and why you're doing it, you can make better decisions.
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