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Unsecured loan

Unsecured loan

What is an Unsecured Loan?

Unsecured loans are loans that don't need underlying collateral. Lenders approve borrowers based on credit scores, finances, and alternative data.

Typically, the lender may ask for more documentation to prove that the borrower can afford the loan they're taking out. Since there is more uncertainty and risk, unsecured loans are usually more expensive (interest-wise) compared to secured loans.

Personal loans are a kind of unsecured loan.

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