Unsecured Personal Loans

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Unsecured Personal Loans

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Unsecured personal loans don't require collateral, in contrast to some other loan products, including mortgages and auto loans, where your property may be used to secure the loan. If you fail to pay it back, the lender will not be able to recover any collateral. However, if you default on either an unsecured or secured loan, you run the danger of damaging your credit. Receiving approval for various types of credit may be more challenging for those with lower credit ratings.

Personal loans without collateral often have higher interest rates than loans with collateral. That's because unsecured loans are sometimes viewed as risky by lenders.

Unsecured personal loans definition

These are usually the types of personal loans you'll encounter most frequently. These loans are not secured by any of your property, so if you fall behind on payments, the lender won't be able to seize any of your goods because they weren't specifically mentioned as collateral.

However, using unsecured loans has several drawbacks. These typically have higher interest rates because they pose a greater risk to the lender, therefore you will ultimately pay more. Additionally, missing any payments negatively affects your credit score, which makes it very challenging to apply for various types of credit in the future.

Receive pre-approval

Get pre-qualified if you want a fast idea of the kind of loans you may be eligible for, such as low interest personal loans, small personal loans, rapid personal loans.

You can obtain pre-qualification rates from many online lending partners by undergoing a soft credit check, which won't lower your credit score. During this process, you can be asked for the following details:

  • Identifying details: such as your name and social security number
  • Contact information, including your name, address, and phone number
  • Employment information, including the name of your employer and your annual salary
  • Monthly responsibilities: such as any unpaid student loan balance, rent, etc.

Application procedures for unsecured loans

Here's how to get started:

You must apply online if you are dealing with an internet-only lender.

Even though they provide internet banking, physical banks could still want you to visit them.

Here are some typical conditions for personal loans:

  • Individual Tax Identification Number or Social Security Number
  • A high credit rating
  • Evidence of income
  • Evidence of identity
  • Cash to deposit in a bank

How much are you able to borrow?

It's crucial to have reasonable expectations. Your credit score has an impact on more than just your interest rate; it also has an impact on the maximum amount you are eligible to borrow. We'll emphasize once more that having good credit isn't a requirement in and of itself for obtaining a loan, but the lower your score, the less you'll be able to borrow.

This isn't necessarily a bad thing because making timely payments on loans can do wonders for your credit rating. The maximum amount most unsecured personal loan lenders will typically allow you to borrow for a personal loan is up to $100,000. Personal loans do not typically reach this levels, though. In the US, a loan typically costs roughly $15,000.

Also, make an effort not to borrow more than is necessary. Applying for a personal loan is easier if you know exactly why you need the money.

Stages of Unsecured Personal Loan Application

Nowadays, applying for a loan online is incredibly simple and usually only requires a few simple steps:

  1. Make a financial plan and determine a reasonable monthly payment; be careful not to accept offers that are more than this amount.
  2. FICO can be used to check your credit score and determine how much you can borrow.
  3. Find out which online markets and lenders are the finest.
  4. Give the lender or connecting service your basic contact information, including the amount of the loan you desire.
  5. Your selections will be displayed by the vendor or marketplace with various terms and fees.
  6. Choose the provider, and he will perform a rigorous inquiry into your credit report.
  7. Once accepted, you should sign your loan contract and get your money.


Loans sometimes can be confusing. However, if you have the correct information and details, you'll be confident enough to select a loan that's a good fit for you.

You shouldn't feel frightened while submitting an application for an unsecured personal loan. Just keep in mind to be certain about how much you can realistically afford to pay back, to investigate the hazards, to comprehend the contract conditions, and to agree to repayment terms that fit your income.


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