Low interest unsecured loans

A finished piece of artwork

Is a secured or an unsecured solar loan right for you?

There are a variety of solar loan products that you can use to finance the installation of your solar panel system. They can be divided into two broad categories: secured solar loans and unsecured solar loans. Read on to see which one is right for you.

Secured solar loans

With a secured solar energy loan, your lender will require that you promise an asset, usually your home, as collateral for the money you are borrowing. Your home provides “security” to the lender in the event that you can’t repay the loan. If you take out a secured loan, the lender holds a lien on your property, and can take possession to pay off the loan if you default. Organizations that offer secured solar loans include Admirals Bank, Matadors Community Credit Union, and HERO Program.

Secured solar loans overview

  • Includes home equity loans and lines of credit, FHA loans, and PACE loans
  • Offered by credit unions and national lending institutions
  • Provide lower interest rates than unsecured loans
  • Interest is generally tax-deductible
  • Requires significant equity in your home (except for some FHA loans), a strong credit rating, and favorable debt-to-income ratio
  • Lender may be able to repossess your home if you default
  • May take several weeks to close the loan

A secured solar loan may be right for you if…

  • You are primarily concerned with long-term loan value, rather than short-term cash flow
  • You want to maximize the financial benefits of your solar panel system
  • You have enough home equity to pay for a solar power system, and are comfortable with using your home as collateral
  • You have a tax liability large enough to take advantage of tax deductible interest
  • You can wait a few weeks to close the loan

Unsecured solar loans

With an unsecured solar loan, you can borrow money from a lender to install a solar PV system without having to use your house as collateral. The penalty for defaulting on the loan is smaller – they do not require collateral, and the lender cannot foreclose on your home. However, they are also riskier for the lender than secured loans, and this can result in higher interest rates. Examples of organizations that offer unsecured solar loans include SunPower, Green Sky Credit, and EnerBank USA.

Interesting facts

  • Roger Waters announced on April 12, 2010 that he would be touring North America performing his masterpiece The Wall. There are 35 scheduled dates which will begin in Toronto, ON and conclude in Anaheim, CA . He will perform the entire album back to back in celebration of its 30th anniversary. Songs include classics such as 'Comfortably Numb...

Additional information

Unsecured Business Loans Bad Credit
Unsecured Business Loans Bad Credit
unsecured personal loans debt consolida reputable debt
unsecured personal loans debt consolida reputable debt ...
Business Loans 0% Interest - Unsecured Business Loans
Business Loans 0% Interest - Unsecured Business Loans
Acer Acer DA220HQL Monitor - Silver, (UM.WD0AA.A08)
Personal Computer (Acer)
  • Do more than just view the image. Touch it. Let it surround you. Step inside with Acer s lustrous advanced touch giving you greater control.
  • All in One Multi Touch Android Computer // ARM Cortex-A9 Dual Core 1.0Ghz Processor // 1GB RAM // 8GB Internal Storage // 1.2MP Front Camera
  • 21.5 HD 2-Point Multi Touch Display // Wireless Keyboard and Mouse // Android 4.0 Ice Cream Sandwich Operating System // 2x USB 2.0 Ports // Gigabit Ethernet 802.11b/g/n...
  • The screen displays millions of colors, allowing for vibrant and detailed photos and videos. The 16:9 aspect ratio and 1920 x 1080 Full HD resolution produce detailed...
  • The DA220HQL Android Smart Display can be used as a touchscreen display for Windows 7 Home Premium, Professional, Ultimate and Windows 8.To use the DA220HQL Android...

Popular Q&A

Where can one get low interest rates for unsecured loans.

One can get low interest rates for unsecured loans when one goes to the site of prosper. This site offers low fixed interest rates. One has to give some basic info about oneself, check rates and review loan options, and money will be deposited into one's account.