You are looking for a loan. As you are researching, you are coming across many different terms. Some of these words you may have heard of before, such as financing and FICO score. But there are other terms that you’ve now come across that are new to you. Some of these new phrases you saw were unsecured loans, secured loans, direct online installment loans, same-day installment loans, and more. Now you want to know what they are. Your most pressing question is finding out what the difference is between secured vs. unsecured loans. MaxLend can help by explaining what an unsecured loan is. Keep reading to find out more.
What Is an Unsecured Loan?
An unsecured loan, sometimes referred to as an unsecured installment loan, is a loan that does not require collateral. There are many times you will come across unsecured loans, such as with credit cards, student loans, and even many personal loans. Alternatively, secured loans are loans that require collateral, such as loans for cars and mortgages. Basically, the difference between secured and unsecured loans is whether collateral is required or not. Collateral is something of value to secure the loan – something the lender may claim if the borrower doesn’t pay back the loan. Any direct installment loans not requiring collateral can be considered unsecured.
Many people, when given the choice, would opt to take out unsecured installment loans versus taking out any type of personal secured loan. This is because the application process and the paperwork involved in getting a secured loan can be much more difficult to complete than what is done for online unsecured installment loans.
Does MaxLend Offer Unsecured Loans?
Yes, MaxLend does offer unsecured loans online. You can apply for cash online by filling out a quick, simple application on the website. MaxLend offers unsecured installment loans up to $3,750 and even has a loan loyalty rewards program with perks for their best customers. The best part is that MaxLend can even provide Same Day Funding to those who qualify.*
Should I Apply for an Unsecured Loan?
Every person’s financial situation is different. But if you have unforeseen expenses, such as home restoration or auto repairs, veterinarian bills, or other bills that have come up, you might want to consider applying for an unsecured personal loan from MaxLend. With some online installment loans, depending on the time of day that the loan was applied for and the stipulations of a person’s financial institution, a person can see funding as soon as the same day.*
Contact Us Today
Now that you understand what an unsecured loan is, you may want to see if you qualify for a payday loan alternative with MaxLend. You can complete the online application to see how much you qualify for. Also, at MaxLend, we have customer service agents available to help you 24/7. They can answer any questions you have about how you can get funding with an unsecured loan. Just call us at 877-936-4336. MaxLend customer service agents will be happy to answer your questions, or you can read some answers to frequently asked questions here.
Additional reading:
Most Common Reasons People Take Out a Loan
Understanding the Difference Between Fixed and Variable Loans
Overspending: How to Stop Spending Money
Taking Advantage of Installment Loan Rewards
*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.