Borrowers Sought For $20,000 Unsecured Loans

Published: 16th December 2009
Views: N/A

During this recession, a good number of Americans who are employed are living paycheck to paycheck. If they have an unexpected emergency, whether it's repairs for their home or their car breaks down, they find themselves in a situation where they need extra cash fast. Given this current state of the US economy, the last thing they'd want to do is put up their home or vehicle as collateral to secure a loan. Their next option to get funds is to apply for an unsecured loan, otherwise known as a signature loan.

An unsecured or signature loan is a loan that requires you to sign documents allowing lenders to check your credit-worthiness before they approve your loan. A signature loan would not require borrowers to offer anything as collateral. In fact, a potential borrower could get as much as $20,000 on an unsecured loan to use in whatever manner they wished, whether it's to pay for costly repairs, unexpected medical expenses or to breathe a little easier financially.

How To Find Your $10,000 Unsecured Loan

Most people with good credit can secure a signature loan with ease, but for others with poor credit, this can be a bit more difficult. Fortunately, these borrowers have the option of using a co-signer, typically a close friend or relative with good credit who would be able to vouch for the borrower and take over the payments should the initial borrower somehow is unable to do so. It is advised that married couples apply for an unsecured loans jointly so that there are two incomes for consideration when it comes to qualifying for a large loan sum. With good credit, a borrower can qualify for up to $20,000 with simple loan repayment terms and low or no interest for the life of the loan.

Up To $20,000 To Spend However You Want

Unlike most other loan products, there are no restrictions on how the money can be spent once you have been approved for a signature loan. So you can use the money for home renovations or repairs, to pay education expenses or even take a vacation. The lender will not ask you for your reasons for borrowing money.

Paying Back Your Unsecured Loan

Even though you can qualify for a large amount of money, it would be prudent for you to only borrow what you know you can realistically pay back under the terms of the loan, whether you obtain a secure or signature loan. Keep in mind that interest accrues monthly on the remaining balance from monthly so the sooner you pay off the loan entirely, the more you can save in the long run in interest payments and fees. The length of time you have to repay these loans can vary, typically two to six years.

Cheap Choices For Unsecured Loans

To find a signature loan that suits your particular situation, look no further than your home computer. Reputable online lenders can offer you more reasonable interest rates and flexible terms than traditional banks. Conduct a search for several online lenders to make sure that you get the best deal before you apply.

Once you apply to several lenders at once, because of the nature of a signature loan, they will check your credit report. Each inquiry can possibly drive down your credit score and affect your ability to qualify for a loan. By applying online, you save a lot of time and will get an answer within a few hours of applying, instead of days or weeks like you would if you were applying at a traditional bank.

Amanda Hash is an expert financial consultant who specializes in helping people to recover their credit and get approved for home loans, car loans, personal unsecured loans, unsecured credit cards, refinance home loans, consolidation loans, student loans and other financial products. If you want to learn more on how to get approved for Personal Loans for Bad Credit and Loans with No Credit Check just visit and you'll find all the information you need.

Report this article Ask About This Article

More to Explore