An
unsecured loan is not guaranteed by any
collateral, so the applicant must have a
positive credit record and financial situation.
Usually you can use your unsecured loan for
almost any reason ( some lenders may have
restrictions ). Loan amounts can range widely.
Companies that issue unsecured loans generally
require:
- A positive credit history
- Your income is such as
that your payments would not be a burden to
you
- You have previous good
credit references
If you
feel that your credit situation might prevent
you from eligibility, you can apply for a
secured loan
instead.
