Where to find a good unsecured loan
First – just in case there’s any doubt – let’s quickly discuss the difference between a secured loan and unsecured loans.
Who is a secured loans for? They’re for consumers with less than stellar credit who are looking to borrow money and while their credit might be fair or bad, they have stable employment and the other criteria lenders of secured loans are after – collateral.
An unsecured loan is the exact opposite. Some lenders will only require that you have the means to repay the money they lend without having to put up any of your property as collateral in the event that you should default.
Why Making The Effort To Get An Unsecured Loan Is Worth It
If you’re in a tight pinch, you might be tempted to jump all over a secured loan in exchange for a quick infusion of desperately needed cash. But as tight as your situation might be, you definitely have to stick it out as best as possible until you can find an unsecured loan.
See, anything can happen. Whether it’s an accident, an unforeseen layoff or anything that blindsides you, there are a number of reasons that you might not be able to make payments on your loan and as a result, you stand to lose your car or house or whatever else you put up as collateral.
While we’re on the topic of risky sources of borrowed cash, another trap you want to watch out for are payday loans. While payday loans tend to be unsecured loans, they can lead to you losing something just as valuable as collateral – your future income.
The way it works is, the payday loan lender expects you to repay the full sum of the principal they lent you plus the interest, which is always very high. The lender is placing a bet that you can’t repay this amount with your next pay cheque because of your other engagements and can then impose penalties that will chew up all the spare money you have for quite some time to come.
So as you can see: you have secured loans which are risky because you can lose valuable property over them and you have two types of unsecured loans, one of which is very bad and should be avoided at all costs.
And this brings us to a source of unsecured loans you can take without any of the risks we’ve just covered. LoanAway only offers unsecured loans to our clients. We will never ask you to sign over the rights to your home, car or any other property in the event of a default on payment.
Our team of loan agents have been extensively trained to fast-track the loan process and qualify you for a loan fast, even if you have bad credit. Unlike conventional banks, we understand your need for a quick solution to whatever problems you might be facing.
Want to talk to an agent before taking out an unsecured loan? We’d love to hear from you. Our agents can be reached Monday to Friday at (866) 689-0091.
