Unsecured Loans Online - Apply Today
Unsecured Loans Online
Understanding your personal finances often means the difference between meeting your budget and overspending, and knowing the details of a financial transaction helps you leverage benefits without losing money or time to disadvantages. That is especially true when dealing with short-term loans, which is why you need to understand online unsecured loans.
What are unsecured personal loans?
Unsecured loans are loans that aren't backed by collateral. Collateral is something you put up when you borrow money from a lender, essentially agreeing that if you don't make your payments, then your lender has the right to take the item or items from you. A common example of collateral is seen with a vehicle loan, which is secured by the vehicle itself. If you don't make payments, the lender will repossess the vehicle. Home loans are also secured by the house on which the loan was made.
When you take out a small personal loan, some creditors require that you put up collateral to secure the loan, and if you don't make your payments as agreed, the lender takes the item, sells it and recoups some or all of the loss. Items that are commonly used as collateral include recreational vehicles, boats, jewelry, art, land and valuable electronics. Unsecured loans aren’t tied to any item. If you don't pay them, there is nothing to repossess or take possession of. For this reason, some companies that provide unsecured loans charge a higher interest rate. They consider the loan a higher risk than a secured loan.
Why do people choose us for an unsecured loan
Individuals choose to apply for unsecured loans online for a number of reasons. If you don't have anything valuable to put up as collateral, then an unsecured loan might be your only choice. Even if you have something valuable, you might not want to disclose that fact or put it at risk in a lending agreement. If you are seeking a relatively small loan, then there's often little need to seek a secure loan. In fact, many lenders who specialize in secure loans won't even consider lending smaller amounts.
Choosing an online unsecured loan comes with other benefits. Online applications can be more discreet than applying for loans in person. Applying via the internet also means you can apply any time of the day, so your application process won't interfere with work or other obligations. When you apply for a short-term unsecured loan with LendUp, you also get an instant answer, which can be helpful if you are dealing with an urgent situation and need to know if you've found a solution.
Applying for an unsecured loan
LendUp makes it easy to seek unsecured loans online. As long as you’re a resident in one of the many states where we are licensed and you meet a few other basic requirements, you can apply for a loan from LendUp in around five minutes. Other basic requirements include:
Being 18 years of age or older
Having a recurring source of income, even if it’s government or disability payments
Having a checking account that accepts electronic transfers
Being able to provide a valid email address, phone number and street address
LendUp processes applications instantaneously so you know if you are approved. Approval depends on a variety of factors, but good credit isn't required to get a loan. LendUp provides loans to a range of individuals and our goal is to help those who previously struggled financially and with possibly poor credit history to seek opportunities to better their financial histories over time via the LendUp Ladder (where available). As you pay on time, you might be able to access larger loans and better terms.
We also try to provide a product that makes it easier for customers to make good financial decisions. We don't provide very large loans secured by items that might be of necessity to you, and we don't do rollovers, which can lead to dangerous debt traps.
LendUp doesn't approve everyone who applies, but if you are approved, we try to get your money to you quickly. The exact time it takes for you to receive your funds depends on your bank's processes. If your LendUp loan is approved before 5 p.m. PT (weekdays), we’ll electronically transfer the funds to your bank account within one business day. See lendup.com/faq for more details.
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