Whether or not you need to put up collateral to get approved for an emergency loan depends on if the loan you are applying for is secured or unsecured.
Unsecured loans don’t require collateral, but they usually involve a credit check. Both NetCredit financing options — personal loans and lines of credit — are unsecured. Your signature is the only guarantee of repayment for most unsecured loans.
If the loan is secured, you must offer collateral as a guarantee of repayment. Different types of collateral include car or property titles, bank savings deposits and investment accounts.