Lending without collateral is usually risky for any lender. When it comes to lending, you have wide choices as there are many direct lenders in the lending market, including traditional lenders. Although conventional lenders such as banks and credit unions are also direct lenders, their tightened credit standards, tedious procedures, delayed approval, lengthy funds transfer time, make it really inconvenient for borrowers to apply for installment loans. Moreover, banks demand collateral in order to approve your loan because of which the application rejection rate is quite high with such lenders. On the contrary, online lenders offer easier and faster funding alternative to bank loans in the form of direct lender personal loans with no collateral.
What Are No Collateral Personal Loans?
Unlike secured loans, unsecured personal loans from direct lenders online are offered considering borrower’s credit worthiness instead of collateral. Without the need for pledging your assets, these are convenient to apply, easy to qualify and quick to access extra cash in times of emergencies. Besides, it is easy to qualify for short term installment loan even with bad credit. Once the loan money is in your bank account, you can use it for variety of purposes such as home improvements, vehicle repairs, debt consolidation, vehicle repairs, business expenses, medical emergencies, college tuition, utility bills, groceries, etc. Quick cash loans also provide feasible and flexible repayment schedule, allowing you to pay back in bi-weekly or monthly installments. Thus, you get the convenience to repay as per your affordability.
Advantages Of Unsecured Personal Loans
- Simple and secure online process
- Instant loan approval decision
- High approval rate
- No collateral requirement
- Flexible repayments
- Access to $1,500 in one business day
- Affordable alternative to payday loans
- Faxless loan process
- Prepayment at no extra cost
- Excellent credit is not required
- No credit checks performed
- Electronic transfer of funds
- Upfront rates and terms
Faxless installment loans from direct lenders offer the required financial flexibility and help you get through a tight spot with confidence. However, understand not to borrow more than what is really required as online cash loans are not meant for long-term financial plan.