An unsecured personal loan is a loan that does not require you to put up one of you assets as collateral. These types of personal loans can be easy to get but are usually associated with a higher interest rate. Because there is no collateral the lender considers it more of a risk. You may find some lenders that offer a higher amount, but $15,000 is the standard loan amount in the industry for this type of loan. Sometimes it is possible to get more than $15,000 by getting approved for two or more loans from different lenders. Continue reading »
Archive for January, 2009
A secured personal loan is a loan where some type of collateral is promised to the lender as assurance that the loan will be repaid. The collateral is usually something of great value such as a house or a car and is necessary due to the fact that the borrower has fallen into a high risk category. Continue reading »
Getting asked to co-sign a personal loan for a friend or family member? If you agree to do it, this is a very generous gesture as it will likely mean the difference between them qualifying or not being eligible. However, the decision of being a co-signer for a personal loan should not be taken lightly. As a potential co-signer on a loan it is your responsibility to educate yourself about how it could affect you and your own credit rating should the borrower default on their loan. Continue reading »