Consumers who need money quickly should consider an unsecured personal loan. What makes a unsecured loan unique is that no collateral is required - the loan is guaranteed only by the borrower's promise to pay. These loans might be the only option for people who don't own homes or have sufficient equity to borrow against their homes. Loan proceeds can be used for almost anything:
Advantages of Unsecured Loans
For those who need money quickly, it can be much faster to apply for a unsecured loan than to sell assets to get the needed cash - and borrowers can always sell their assets later and use the proceeds to pay off the loan. If the choices are withdrawing from a retirement account (racking up taxes and penalties) or applying for an unsecured loan, the loan is likely to be the cheaper alternative. Unlike credit cards, fixed-rate loans come with interest rates that don't change, and there is no "default rate" for being late with a payment. If the consumer experiences a financial disaster at a later date, the unsecured loan can be discharged in a Chapter 7 bankruptcy, unlike secured loans or government-backed student loans.
How to Apply for a Unsecured Loan
Because the loan is not backed by anything other than the borrower's promise to repay, an applicant's credit history and scores are very important. Applicants for unsecured loans must complete an application, authorize a credit check, and provide documentation showing that they have sufficient income to repay the new loan - usually pay stubs and W-2 forms, or tax returns for the self-employed. Underwriting is completed by automated systems and human underwriters, and the applicant is notified in writing of the decision to approve or decline the loan. In many cases, consumers can apply online and have the money transferred directly into their bank accounts without leaving their homes.
BankBazaar.com (Tamil: பேங்க்பஜார்.காம்) is an online loan marketplace based in Chennai, India. Adhil Shetty, Arjun Shetty and Rati Rajkumar founded BankBazaar.com in 2008 and launched it online in July 2008. The product line includes unsecured personal loans, home loans, home loan transfers, loans against property and car loans.
Weemba is a social network that enables borrowers and professional lenders to find and transact with each other more efficiently. Headquartered in Miami, Florida, the company’s founder is serial entrepreneur Constancio Larguia, who co-founded the first online stock brokerage firm in Latin America.
Borrowers seeking small business or SBA loans...
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