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Applying for an Unsecured Financing

by: johnlair on Date: Thu, 17 Feb 2011 Time: 1:12 PM

Unsecured loan or financing refers to a loan that has no collateral. In this type of loan, the person who borrows money from the lender agrees to pay back the loan and signs documents of terms. For people who have no collateral to offer or simply don’t like to put their assets on risk, unsecured financing is for them.


In unsecured loans, there is no need for financial assessment, collateral or meeting up with a loan agent. This is a fast option if you need money but it comes with higher interest rates than ordinary loans. If you want to avail of an unsecured financing, you can follow the tips below.


First is to consider if the unsecured loan is the right loan for you. This type of loan is fast and can be used right away especially if the need calls for it. However, aside from having a higher interest rate, the amount of loan is usually small. The term or length of payment is also short so don’t be surprised if you have to pay the loan quickly.


Secure a copy of your credit history and check it for mistakes. Though this is not needed for unsecured financing, your credit report can still play a vital role. A good credit can avail of a lower interest rate. It is important that all the details in your credit report are correct. If there are some mistakes, be sure to inform the bank or the financial institution concerned about it.


In applying for an unsecured financing, you may also compare the interest rates, conditions and terms. Just like applying for insurance or buying an expensive item, you should also check out different prices before buying. Collect, compare and select the one that has the lowest rate and the best term.


The last thing to do is to fill out an unsecured financing application form. It may require you to provide your contact details, employment history and names of alternate contact persons should you fail to repay the loan on time. You may also have a co-signer to give the impression to your lender that you will not avoid repaying.

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