An unsecured loan is typically based on a general loan format. As there is no security offered by way of an asset being acquired, the format differs from asset acquisition credit such as Chattel or Leasing. The lender does not hold security over the goods being purchased or the purpose of the loan. Individual lenders may request alternate forms of security against the loan be provided. Essentially the loan has a loan amount, a fixed loan term, a fixed or variable interest rate and a repayments schedule. The repayments are usually fixed and scheduled for payment on a monthly basis. When all repayments are made, the loan is finalised.