What is an unsecured loan?

At Speedy Loans, to qualify for an unsecured loan you need to be over 25 years old, have a good credit record, an established credit history, no more than 2 existing loans & your bank account needs to be conducted well (i.e. no dishonours & must show affordability).

An unsecured loan can be used for just about anything. Should you need a loan for, say, a vacation, then all you need to do is go online and fill out a short form with your general information. If you’re between paydays and are faced with an emergency, such as your car breaking down, then a cheap unsecured loan is incredibly useful when time is of the essence.

If you want to obtain a competitively lower rate, then you should check with a number of lenders before you apply. A cheap unsecured loan is great funding solutions to pay for vacations, reduce debt, pay for an emergency or cover the expense of education. Speedy Loans can help.

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An unsecured loan is one where the borrower doesn’t need collateral to get a loan. A secured loan is one where the borrower uses collateral to secure the loan.

Any company that pays a loan upfront without any type of collateral is offering you an unsecured loan. Medical bills are another form of unsecured loan. Good examples for which unsecured loans are useful are medical bills and credit cards.

Further reading:

What is a secured loan?