With a secured loan, you back up your loan with some sort of financial guarantee like some assets. With an unsecured loan you only have your credit to back up the loan.
The difference between an unsecured loan, and a secured loan is pretty substantial. A house, or a car is used as collateral and therefore secures the loan for the lender. For an unsecured loan, there is no collateral available to the lender.
There are many financial companies that offer unsecured personal loans. Capital one offers unsecured personal loans. Also, Bank of America offers unsecured loans.
No the The Bank of Montreal does not offer unsecured loans. No banks offers unsecured loans then that won't have anyway of knowing if they lent you money.
Chartered banks add credit unions offer the best rates on unsecured loans. They offer these loans to their existing clients who have a secure income and an good or excellent credit rating. The best rates can be as low as prime plus 1%.
Some banks do offer unsecured loans. You can visit the local banks in your area and ask them about unsecured loans and if they don't offer it they will be able to tell you who does.
If one want to find out which websites carry details on unsecured loans, then one must visit wisegeek.com , they have a lot information on unsecured loans.
Guaranteed unsecured loans are loans which are given to people regardless of their credit rating. The term unsecured loan means that it is not based upon a line of credit or assets of the recipient.
You initially secure the unsecured properties by verifying the owner of that particular property.
Places like RBS and Wonga offer private loans, usually unsecured. Banks are generally much more secure provided you have a viable and reliable financial history.
The way to turn an unsecured loan into a secured loan is to offer some form of collateral. For example you can offer you car, your house, or any other possession to secure the loan.
Unsecured loans do not require any security to get. There are many different types out there including guarantor loans, installment loans, and payday loans. There are also conventional low rate bank or supermarket personal loans.
Unsecured loans are best used for small purchases. It is unwise to take a large unsecured loan due to the fact that more will be confiscated to pay it back.