Not all of us are blessed with having good credit and if that situation applies to you, unsecured loans can be a convenient and easy way to get much-needed money. One advantage of this type of loan is that because they are unsecured, you aren’t risking any collateral to borrow the money, unlike a car payment in which your car can be taken away if you don’t pay back the loan on time.
Many unsecured loans can be applied for entirely online; gone are the days when applying for a loan meant hours of waiting and filing paperwork at your bank, only to have your loan application refused. It typically takes a few minutes to provide the required personal information, along with your bank account details. And of course, the lender wants to be reassured that you’re able to pay back the loan, meaning you’ll need to provide proof of your income, which doesn’t necessarily have to be from employment.