Unsecured Personal Loans Online

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Unsecured Personal Loan Online

• LenDenClub

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What is Unsecured Loan?
Unsecured loans are loans that are based on the
creditworthiness of a borrower without the need
for any type of collateral. Borrowers
creditworthiness is checked based on their past
loans history and income. In other cases,
demographic details are also considered as
factors to check the creditworthiness of a
borrower while giving an unsecured loan or
personal loan. These loans are also known as
signature loans since your signature in the
agreement is all that you have to bring to the
table.
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Types of Unsecured Loan
1. Personal loans, in most cases loans acquired
through banks, NBFCs and online portals are
termed as personal loans. These are a type of
unsecured loans.
2. Student loans are often unsecured. In most
cases, it does not require any collateral to
avail.
3. Credit Cards are a common type of unsecured
loans. Although you might not consider it as a
loan, you actually borrow money and use your
credit card to spend it.
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Unsecured Loan Eligibility
1. Credit score You must have a high credit
score to avail an unsecured loan. To maintain a
high credit score you need to make all your
credit card and other loan payments on time. If
you have settled off / written off / overdue in
any loan or credit card due, your score takes a
big hit making it difficult to avail a loan.
2. Income The amount you can avail through an
unsecured loan will highly depend on your income.
Lenders will thoroughly verify your income based
on either bank statement or salary slip. They
will verify your current debts. The final amount
will highly depend on your debt-to-income ratio.
3. Demography Your age, location, stay type also
has a significant role in availing an unsecured
loan. These parameters differ from company to
company.
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Thank You!
If you are thinking to apply for unsecured
personal loan, then opting the right financial
companies can help you to get easy unsecured
loans.
To get unsecured or secured loans visit here at
https//www.lendenclub.com/personal-loan/unsecured
-loan