Process of Unsecured loans

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What is an unsecured loan?

• An unsecured loan type is a loan that is given to
  the borrower based on his credit score, income
  level, trustworthiness. In unsecured loans, the
  borrower is not required to put any collateral
  with the lender, the loan is approved without the
  use of assets or property as collateral.

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Pros of Unsecured loans

• No collateral required
• Flexible options
• Property not under risk

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No collateral required

• Borrower is not required to put any collateral or
  surety with the lender. The loan is given based
  on other sources.

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Cons of Unsecured loans
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High-interest rates

• As unsecured loans are given based on trust, the
  risk of the borrower not paying the loan amount
  is more and thats why the lender charges
  high-interest rates.

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Limited loan amount

• The lender doesnt provide large borrowings in
  unsecured loans. If the borrower is looking for
  substantial sum of money, then this loan type is
  not the solution.

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Should be employed

• For the loan to get sanctioned, the borrower has
  to be employed as unsecured loans are given based
  on income level and employment status.

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Thank You
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