Unsecured Personal Loans

Related services on the Debt Consolidation Loan Directory:

  • Consolidation of Debt – Lower your monthly payments and consolidate credit cards and other bills with a loan or related service.
  • Directory of Debt Management Programs – Too much debt to make monthly payments on? Start here by reviewing and comparing different debt management options for getting help with your credit card debt and other monthly payments.
  • Debt Settlement Companies – Directory of companies that offer debt settlement, debt relief and debt reduction services for consumers. A few companies are listed that offer these services for businesses.

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Unsecured Loan Information and Consumer Resources:

In its simplest form, an unsecured personal loan is a loan lacking collateral that is it is backed only by the promise to pay of the borrower and their creditworthiness. Unsecured personal loans take several forms depending on the type of borrower involved. From the consumer context there are three main types of unsecured lending: credit cards, traditional unsecured personal loans, and non-financial consumer lending. While the oldest of the three is the traditional personal loan, in today’s market it is the smallest of the three, having largely been replaced by credit card financing, which lenders find far easier to sell and package for the public (and therefore more lucrative).

Personal or unsecured loans are not as prevalent as they once were due to the fact that hey have a sales cost to the financial institution and are more difficult to package using computerized underwriting programs. Essentially, an individual secures a loan from a bank on an unsecured basis on which their personal credit is the only guarantee. These types of loans are generally paid out in a single lump sum and charged at higher interest rates than secured loans, such as home loans.

Make the right decisions when shopping for an unsecured loan and other financial services. Educate yourself!

Please note that the DebtConsolidationLoan.com has a growing library of financial resources for consumers shopping for services, such as auto loans and debt consolidation. The best way to make smarter decisions regarding the management of your money is to become educated. Please visit our consumer information library.