What are Unsecured Loans?
Unsecured loans do not tie you with security in turn for repayment. However, this loan type requires lenders to check your credit ratings and financial situation. The different types of unsecured loans include:
Personal Loans
Bad Credit Loans
Car Loans
Guarantor Loans
Debt Consolidation Loans
Depending on the loan type, interest rates vary. Therefore, it is important to know what you are looking for when making loan comparisons! Moreover, apart from loan type, your interest rate changes based on your credit history, how much you can repay monthly, and the loan amount. In general, the interest rate of unsecured loans is higher than secured loans because there is less security of repayments.