When you are applying for an unsecured loan, you may be asked to list why you are applying for it as well as, how much you want to borrow and how long for.
Unsecured personal loans vary between $1,000 & $50,000 and terms generally vary between one and seven years.
Unsecured loans come with higher rates than secured loans and they generally come with establishment fees, monthly fees & annual fees.
They can be fixed or variable and different lenders have different repayment restrictions.
Always be upfront about what you are using the funds for and be wary of getting in over your head.
Always make sure that the lender is licenced and try to do what you can to avoid excessive fees and charges.
So what are the Pros of an Unsecured Personal Loan?
- No asset need
- Flexible loan purpose
- Easy to apply for
What about the Cons?
- Higher Fees
- Penalties for missed payments
- Higher interest rates
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