How an Unsecured Personal Loan Can Help You
It’s very common to find yourself in need of a quick boost of cash. It may be an unexpected repair or medical expense, or to pay for Christmas presents or a vacation. If you need access to cash quickly in there are several reasons that an unsecured personal loan san antonio tx might be right for you.
No credit checkUnlike traditional bank loans, unsecured personal loans do not require a high credit score or even a credit check.
Money is available quicklyUnsecured personal loans provide cash quickly, without having to worry about the pitfalls of collateral and high-interest rates from a payday or title lender's loan or the lag of time during credit checks and approvals from a bank.
Unsecured personal loans can help build creditIf you have poor credit or no credit, an unsecured personal loan can help rebuild or establish your credit rating when you make your scheduled payments on time and in full.
How it worksWhile a credit check is not necessary, there are some basic requirements to obtain an unsecured personal loan. First, the borrower must be 18 years of age or older, with a valid driver’s license or ID, and social security number. You will also have to have a verifiable residence and income.
From there, it’s simply a matter of filling out the proper paperwork. The lender will then evaluate all the relevant factors (which, again, do NOT include credit history for an unsecured personal loan) and determine how much you are able to borrow.
After you’re approvedOnce you’ve been approved for an unsecured personal loan and the lender distributes the funds, you will pay back the loan in equal installments over the course of an agreed-upon term. Like all loans, interest, and principal are included in payments. This type of loan can generally be paid off early with no penalty. After you’ve completed payment, you are free to apply to borrow again in the future.