unsecured personal loan button and dollar bills
Betsy Wise
By: betsy_wise
Read in 37 minutes

Unsecured Personal Loans: The Best Funding Option

Unsecured personal loans are flexible and reliable products that can help you invest in your objectives and goals.

They present less risk to the borrower because they don’t have to put up their assets as collateral.

In this post, we delve into the world of unsecured personal loans to help you get the best funding available and eliminate any concerns you have about applying for this type of loan.

Apply For An Unsecured Loan!

 

lender offering unsecured personal loans

What is an Unsecured Personal Loan?

Most borrowers are reluctant to risk their personal and business assets. That’s why they prefer getting unsecured personal loans, which don’t require collateral.

Lenders only approve a loan when they’re sure the applicant can make monthly payments comfortablySince unsecured personal loans do not require an applicant’s assets as security, lenders look at an applicant’s:

  • repayment history
  • personal and business credit scores
  • income
  • liabilities
  • other indicators of creditworthiness

Now that you know what is an unsecured personal loan let’s analyze its pros and cons.

Pros and Cons of Unsecured Personal Loans

Here are the main advantages and disadvantages of unsecured personal loans.

Pros

  • Low-risk investment: Unsecured personal loans don’t jeopardize your ownership of personal assets. If you fail to pay back the loan, you don’t run the risk of losing your home, checking and savings accounts, or vehicles.
  • Convenience: Personal-unsecured-loan lenders are available close to where you live and online. Most have streamlined their application process so you can easily apply and upload documents.
  • Proceeds flexibility: There are very few restrictions on how you can use personal loan money. You can consolidate debt, renovate your home, or purchase rental space for your business.
  • Readily available: Anyone can apply for this type of loan whether you need the funds to pay off medical expenses or take your business to the next level with an influx of cash.
  • Quick access to money: You can apply for funds one day and have the cash deposited into your checking account within one business day or two.

Cons

  • Higher interest rates: Lenders might charge more interest because they assume more risk to fund an unsecured personal loan. The higher rates put them in a better financial position if a borrower doesn’t repay.
  • Loan amount limits: Lenders can charge higher interest rates on unsecured personal loans. They might also loan reduced amounts. Only people with excellent credit get the lowest rates and highest amounts for personal unsecured loans.
  • Credit history damage: If you can’t repay your loan,  you could ruin your credit score.
  • Collection agency: A lender could sell your loan balance to a collection agency that may try to sue you to collect the debt. Some debt collectors resort to wage garnishment or putting a levy on your bank account.
  • Other Factors: Once you agree to the repayment terms, you can’t negotiate the monthly payment to a lower amount. If you decide to pay off the loan early, some lenders charge prepayment penalties. The eligibility criteria can be stricter, preventing some customers from getting the funding they need.

woman calculating unsecured personal loan rates

Secured vs. unsecured business loans: which is better?

Unsecured Personal Loan Rates

Interest rates average between 4.99% to 35.99% for unsecured personal loans. 

The rate you receive will depend on several factors, like your credit score and the lender you choose.

Take a look at this table to see how a credit score can affect an unsecured loan’s APR.

Average best-offered-APRs by credit score
Credit scoreAverage APR
760+8.83%
720-75912.95%
680-71917.54%
640-67922.74%

Source: LendingTree Personal Loan Offers Report, June 2021

#DidYouKnow
Credit scores lower than 640 are usually considered fair or even bad scores, which means you might face higher interest rates.

Lenders offer lower rates for individuals with excellent credit scores and financial stability. A lower rate could represent a savings of hundreds if not thousands of dollars over the life of the loan.

Camino Financial offers fixed rates ranging from 33% to 35% for its Solopreneur loan, depending on the loan size and your ability to repay debts.

Regardless of which lender you choose, we recommend that you use an unsecured personal loan calculator. The tool will allow you to see what loan amount you can safely repay before even contacting a lender.

Within seconds, you can review the terms, total cost, and payment amount.

You can also use the unsecured personal loan calculator to input financial scenarios. That way, you’ll find a comfortable loan amount for your budget.

Term Loan Calculator


Unsecured Personal Loan Requirements

Loan requirements vary per lender. That said, most personal-unsecured-loan lenders require the following common prerequisites:

Good credit

Usually, lenders want to see a minimum credit score of 600.

#DidYouKnow
A credit score reflects a person’s payment history, how much debt they have, and how long they’ve established credit history.

Although, some lenders approve unsecured personal loans to applicants without credit history or a low score.

If this is your situation, Camino Financial is your best alternative. We offer personal loans from $1,500 and up to to $7,500.

We can approve your loan even if you don’t have a credit history. And, thanks to our CaminoScore technology, we can lend to some applicants who have bad FICO scores., depending on their situation.

Low debt-to-income ratio

The preferred debt-to-income ratio (DTI) is about 36%.

This ratio represents how much of a person’s monthly income they use to pay down debt. It also gives a lender an idea of how likely a borrower can repay a loan and continue to make payments on existing bills.

#CaminoTip
You should allocate no more than 28% of your DTI to a rent or mortgage payment.

Stable credit history

You can show lenders that you consistently pay your bills on time. Maintain a constant credit score from year to year for several accounts.

Steady Income

Another positive indicator of your creditworthiness is your income. Regularly earning money is one way a lender verifies your financial health.

Social security number

An SSN issued to U.S. citizens makes a lender’s job easier because they use it to run a credit check and view your credit history.

Fortunately, some lenders accept ITINs too.

When it comes to unsecured personal loan requirements, Camino Financial is the exception to the rule. Our solopreneur loan has minimal requirements. You need to have:

Why not apply today to see if you prequalify? The process won’t affect your credit score, and it only takes 5 minutes.

Get Approved For A Loan Today

woman counting money

Types of Lenders that Offer Unsecured Personal Loans

You might be wondering where to get a personal loan. These are the most common types of personal lenders:

Online lenders

Many people prefer digital lenders because they offer a quicker, easier, and more modern application process.

Many online lenders accept applicants with lower credit scores.

Most online lenders do a soft credit check which won’t harm an applicant’s credit score.

If you’re looking for an online lender with minimal requirements, a quick process, and top-notch customer service, well, look no more!

Camino Financial is one of the best alternatives in the market Solopreneur loan, which has 3 simple steps to apply.

  1. Complete an online application
  2. Allow us to review your cash flow
  3. Verify your identity

And that’s it!

Apply With An Online Lender!

Banks

These financial institutions are near your home or business and offer many types of services and products.

The disadvantage with banks is that their

  • rates are usually higher
  • requirements are more stringent
  • the lending process can be quite extensive

#DidYouKnow
Customers with a long-standing relationship with a bank may get better rates.

The best bank for unsecured personal loans is the one that provides what you need to manage your finances optimally.

Credit unions

These not-for-profit community financial institutions offer loans and benefits to their members. Once you become a member, you can apply for an unsecured or secured loan.

Credit unions offer services similar to banks. What makes them different is that they can offer lower rates and more personalized services and attention.

#CaminoTip
It’s a good idea to compare multiple lenders to find the best lender for your personal and business needs.

Peer-to-peer lenders

Also referred to as P2P lending, this is an alternative where borrowers work with investors instead of banks.

Peer-to-peer lending works great for debt consolidation and individuals who’d rather not borrow money from traditional lenders, like banks.

Top 12 Unsecured Personal Loans

If you’re in the market for unsecured personal loans, here are the best lenders:

Camino Financial

camino financial logo

As an online lender, Camino Financial leads the field in offering flexible terms and fixed rates.

We help the people that other lenders turn down. Our clientele includes immigrants, underserved solopreneurs, self-employed contractors, and many more.

Loan amount: You can get a loan from $1,500 to $7500

Loan terms range: from 12 to 36 months

Min. credit score: You can apply even if you don’t have a previous credit history

Our unsecured personal loan rates: 33% to 35% APR

Other considerations:

  • We accept both SSN and ITIN
  • We use a soft pull that doesn’t hurt your credit score
  • Our fixed terms adapt to your needs
  • The online application process is quick and easy
  • We don’t charge prepayment penalties
  • Fast funding: you can receive the cash in as fast as 2 days

#DidYouKnow
We provide personal customer service assistance in Spanish and English.

The online application takes less than 5 minutes, and the process is 100% secure.

Get A Camino Financial Loan!

Upgrade

upgrade logo

Loan amount: Upgrade approves loan amounts ranging from $1,000 to $50,000

Terms: 24 to 84 months

Min. credit score: This lender offers online unsecured personal loans to applicants with a minimum credit score of 560.

Rates:  5.94% to 35.97% depending on your credit score, credit usage history, and other factors

Other considerations:

  • The one-time origination fee ranges from 2.9% to 8%.
  • The online lender does not charge a fee to repay a loan early.

Marcus

Marcus logo

Loan amount: ranging from $3,500 to $40,000

Terms: The online lender offers competitive rates from 6.99% to 19.99%

Min. credit score: You must have a minimum credit score of 660.

Rates: The APR depends on your creditworthiness and the loan’s length.

Other considerations:

  • The lender never charges sign-up, late, or prepayment fees.
  • Loan terms range from 36 to 72 months, and Marcus offers an auto-pay discount of .25% so borrowers can pay down their loan quicker.

Upstart

upstart logo

Loan amount: applicants can apply for loan amounts ranging from $1,000 to $50,000

Terms: Upstart offers 36 and 60-month loan terms.

Min. credit score: No minimum credit score is required

Rates: APRs range from 5.31% – 35.99%

Other considerations:

  • Applicants can get next-day funding when applying with this online P2P lender.
  • In addition, the lender doesn’t charge a prepayment fee when paying off the loan early.

LendingClub

lending club logo

Loan amount: there are two loan terms: 36 and 60 months

Terms: $1,000 to $40,000

Min. credit score: A minimum credit score of 600 is required

Rates: their competitive rates range from 7.04% – 35.89%The lowest APR is for applicants with the best credit scores.

Other considerations:

  • The lender charges 3% to 6% in the origination fee.

Prosper

prosper logo

Loan amount: Prosper helps applicants borrow money in amounts up to $40,000

Terms: 3 or 5 years

Min. credit score: Applicants must have a minimum credit score of 640 to qualify

Rates: APRs from 7.95% to 35.99%

Other considerations:

  • The lender charges 1% to 5% in origination fees and a late fee of $15 or 5% of the missed payment amount.
  • You must have a debt-to-income ratio of 50% and no bankruptcy filings in the last 12 months.
  • In addition, applicants must have at least 3 open credit accounts.
  • They usually transfer funds within 5 days.

Wells Fargo

wells fargo logo

Loan amount: You can apply for loans ranging from $3,000 to $100,000

Terms: from 12 to 84 months

Min. credit score: 660

Rates: fixed rates beginning at 5.74%

Other considerations:

  • The bank has approximately 5,000 branches in the U.S. and offers online services.
  • The bank doesn’t charge origination, closing, or prepayment penalties.
  • To apply for a personal loan, you must have an existing account with Wells Fargo.

Citi Bank

citibank logo

Loan amount: from $2,000 to $30,000

Terms: 12 to 60 months

Min. credit score: 680

Rates: Citi Bank offers APRs from 7.99% to 23.99%

Other considerations:

  • You can get a fixed-rate personal loan at one of the 723 U.S. branches or apply online.
  • Once your loan is approved, they mail checks in 5 days.
  • Applicants must have had a Citi deposit account for at least 3 months and a minimum yearly income of $10,500.
  • In addition, you can earn monthly ThankYou Points when you link your loan to an eligible checking account.

#CaminoTip
You should always compare unsecured personal loan rates before you fill out a loan application.

SunTrust Bank

SunTrust logo

Loan amount: from $5,000 to $100,000

Terms: 24 to 144 months

Min. credit score: 660

Rates: from 2.49% to 19.99%

Other considerations:

  • You can get unsecured personal loans at one of the 1,400 U.S. branches or use the bank’s online service called LightStream.
  • The bank doesn’t charge fees, and same-day funding is available.
  • SunTrust’s advertised rates and terms are subject to change without notice. However, SunTrust promises to “beat any qualifying rate from another lender.”

Connexus Credit Union

connexus credit union logo

Loan amount: up to $25,000

Terms: choose term lengths from 24 to 84 months

Min. credit score: not disclosed

Rates: The member-owned, nationwide credit union offers rates starting at 5.99% with a maximum rate of 18%

Other considerations:

  • Applicants can apply online, by phone, or at any branch.
  • You must provide personal information like date of birth and SSN. Also, prepare to share monthly income, expenses, and contact information.
  • Connexus does not charge prepayment penalties.

Alliant Credit Union

alliant logo

Loan amount: from $1,000 to $50,000

Terms: Choose terms from 12 to 60 months

Min. credit score: 640

Rates: You can apply for unsecured personal loans with rates starting at 6.24%

Other considerations:

  • Alliant offers the best rate based on the payment method, creditworthiness, and ability to repay the loan.
  • In most cases, approval and funding occur on the same day.

PenFed Credit Union

PenFed logo

Loan amount: Choose a desired loan amount from $600 to $50,000

Terms: up to 60 months

Min. credit score: 580

Rates: APRs beginning at 5.99%

Other considerations:

  • You aren’t required to be in the military to join PenFed.
  • Co-applicants can apply, and PenFed doesn’t charge origination, prepayment, or hidden fees.
  • Once your loan is approved, you can receive the funds by direct deposit within 1-2 business days and a check in 5 days.
  • When you open a checking account with PenFed, they require a minimum daily balance of $500 for an Access American account.
Camino Financial Is Your Best Option!

What to Consider when Choosing an Unsecured Personal Loan

Getting a loan is a straightforward process when you understand specific financial terms that affect your decision.

We want to help you find the unsecured lending alternative that best fits your needs. That’s why we’re sharing the meaning of the most important terms.

Annual percentage rates (APRs): Depending on the lender, the APR includes the interest rate, origination, loan processing, and other fees.

Lenders charge rates based on the amount of risk they incur.

What is the difference between interest rate and APR?

Origination, late, and prepayment fees: Not all lenders charge these fees, but some do. They factor in amounts to cover costs associated with the loan at the beginning, middle, and end of the loan term.

  • Origination fees usually are a percentage of the loan amount. It’s what the lender charges for processing your loan.
  • Late fees are flat amounts or percentages charged for a monthly amount overdue. (Late fees are not the only problem with late payments, they could affect your credit score too!)
  • When lenders charge a prepayment penalty, they impose a percentage penalty against the outstanding balance or a fixed amount.

#DidYouKnow
Camino Financial doesn’t charge a prepayment penalty.

Interest rates: When searching for the perfect loan, you’ll probably find these 2 types of rates:

  • Variable interest rates fluctuate based on market changes during the life of a loan, whereas fixed interest rates do not change.
  • Fixed-rate loans are easier to budget because the payment amount doesn’t change.

Term: What is better, a shorter or a longer-term?

  • A shorter-term means you pay less interest, but your monthly payment is higher.
  • Conversely, a longer-term brings down the payment amount and increases the total interest you pay during the term length.

Other considerations

  • Use of proceeds. One of the highlights of gaining access to immediate unsecured funds is being able to spend the money for just about anything. Our Solopreneur loan offers flexible use of proceeds.
  • Contracts and fine print. You don’t want to receive the loan contract and not know what you are signing because it has a fine print. Camino Financial is always honest and has no fine print and no hidden fees.
  • Honesty. Truthful lenders will always have a transparent process. You should be able to ask any question that comes to mind before you sign on the dotted line. Honesty is what we’re all about at Camino Financial; we can help you if you have any questions.
  • Funding time. Banks may take a week or more to approve a personal loan. However, fintech lenders can get money to you in 1-3 days. At Camino Financial, we promise to transfer your loan in as fast as 2 days!

How to Apply for an Unsecured Personal Loan

Use these step-by-step instructions when you’re ready to apply for a personal loan.

1. Stay informed about your credit

Contact the three major credit bureaus for a free credit report. You can get one each year.

When you review and compare the reports, make sure there aren’t inaccurate entries. If so, correct or remove them before applying for a loan.

You can also use Credit Karma to get a free credit report.

2. Narrow down your lender choices

Narrow down your lender choices. Then, compare their lending requirements. This will allow you to determine whether the lender will approve your loan application.

Choose a lender that meets your financial needs and is an established lender in the industry.

#CaminoTip
You can search for reviews of each lender on sites like Trustpilot.

3. Know how much money you need and what you can afford.

This point is crucial. You need to know exactly how much you need and how much you can pay.

If you apply for a lower amount, you’ll come up short and might need to ask for another loan. If you ask for more, you might have difficulties making your monthly payments.

#CaminoTip
Include closing costs in your estimation to come up with a figure that meets your budget.

4. Gather documents beforehand

So you’re ready to fill out the application, make sure you know the documents you’ll need and how to complete a personal loan application.

Most lenders will require copies of

  • bank statements
  • driver’s license or passport
  • latest pay stub
  • earnings statements such as W-2s and 1099s
  • tax returns

In addition, to verify your address, they may ask for a copy of your utility payment invoice.

Fortunately, Camino Financial’s application process is entirely paperless. And if you get approved, we’ll only ask for a few documents that you can share with us online.

5. Get a hold of the application

If your preferred lender has an online application, pull up their website.

Traditional banks and other institutions usually have both paper and online applications.

As you complete the online application, a chat or contact window may pop up for any questions along the way.

6. Fill in every line and section of the form

The application may need your SSN, name, address, date of birth, and other personal information. In addition, prepare to provide information relating to your income and outstanding bills or loans you owe.

In addition, there will be a section on how much money you want to borrow, your preferred loan terms, and how you intend to use the proceeds.

7. Make sure the application is secure

Reputable lenders have a built-in software system that encrypts private information, such as your bank information. If you don’t feel like you can safely submit sensitive information, then don’t.

At Camino Financial, we use the same technology that banks use to keep your information private and secure.

8. Wait for a loan decision

Once you submit the loan application, you should receive a loan decision. How long it takes you to receive it will depend on the lender. If you’re approved, you’ll receive information immediately on what to do or expect next.

Most of the time, if you apply with Camino Financial, you’ll know if you prequalify almost instantly.

To continue the lending process, you might have to submit extra documents or share your bank statements.

At Camino Financial, you can complete the whole process online. You just share your closing documents online and your bank statements through Plaid, a secure tool that will allow us to review your cash flow.

9. Receive and sign the contract

Once the loan is approved, the lender will provide a loan contract that you should carefully read before signing.

Again, you may receive a paper contract when dealing with a bank or credit union and an electronic loan contract from online lenders.

Don’t sign the loan agreement until you’re confident you can repay the money. You must be comfortable with all the terms before moving forward.

10. Receive the funds

Once you sign the loan documents, traditional and online lenders transfer the loan proceeds directly to your checking account. In addition, some lenders offer fast loans that you can receive in as little as 2 days.

After that, make sure you understand when your first payment is due and the specific payment arrangements. Since most people pay their bills online, lenders receive monthly payments online.

#CaminoTip
You should always make your monthly payments on time. By doing so, you can increase your credit score and avoid late fees. Plus, you’ll be in a better position to qualify for more significant sums in the future.

many 100 dollar notes

How to Get an Unsecured Personal Loan with Bad Credit

Having a bad credit score doesn’t mean you can’t get a loan now. It only means you need to find lenders that offer loans to borrowers with lower credit scores.

Unsecured personal loans for bad credit exist.

To get one, be willing to start small and apply for less money than you want.

Expect to pay a higher interest rate for a lower loan amount. For example, a lender could approve a $1,000 loan that you repay in 12 months.

Use the money to consolidate debt or pay off a bill with a long-outstanding balance.

As you make payments, you build your credit score, thereby establishing a credit history. So the next time you apply for unsecured personal loans for bad credit, you’ll qualify for a larger loan at a lower rate.

Another smart idea is to shop for the best lender. Compare APRs and fees lenders charge. Lender requirements vary widely as to their terms and loan amounts.

If you happen to have a bad credit score, Camino Financial is a great financing alternative. We don’t require you to pledge collateral, and you don’t need an SSN to apply (an ITIN will do!).

Even more exciting is that you aren’t required to have a previous credit history. So if you have a bad credit score, we might be able to approve your loan, depending on the situation.

As soon as you complete your application, we provide a credit decision immediately. Then, in as little as 2 days, we can deposit the funds you need into your checking account.

Apply For An Unsecured Loan!

Common Uses for Unsecured Personal Loans

Personal loans have a distinct advantage: you can use the money for almost anything.

People use the money to:

  • start a business
  • debt consolidation
  • invest in your personal growth
  • pay for medical expenses
  • finance a wedding
  • pay off a child’s college education balance
  • you could pay a contractor to remodel or update your house
  • take a well-deserved vacation to a favorite destination
  • buy a food truck to start a catering business
  • if your vehicle needs replacing, you could shop for a newer car or pay a mechanic to fix the one you currently drive

There are very few limits to how you can spend personal loan money.

Unsecured Personal Loan Alternatives

If you aren’t ready to get a personal loan, analyze these other ways to get cash fast.

0% APR Credit Card

Credit card companies offer introductory 0% APR credit cards to get more customers.

Card issuers vary on what falls under the 0% APR umbrella and the specified period for the no-interest card.

For example, one company may not charge interest on new purchases and balance transfers, while another offers the rate on cash advances only.

If a transaction doesn’t fall under the 0% APR, then you’ll pay the company’s fixed or variable rate.

Home Equity Line of Credit (HELOC)

As you need money, you can borrow up to 85% of your home’s equity.

Most homeowners use a HELOC on an as-needed basis. Monthly payments depend on how much credit you’ve used.

Examples of how to use the money are to pay for medical bills, college expenses, home improvements, or to purchase a vehicle.

Keep in mind, your home is used as collateral to secure the loan. Therefore, if you can’t repay the debt and still make a mortgage payment, you could risk foreclosing on your home.

A personal line of credit

Personal lines of credit (PLOCs), or revolving lines of credit, are another good option.

Once the lender approves you for a personal line of credit, you can make withdrawals during the draw period. Then, as you keep paying off the PLOC, the original amount is available again.

Some lenders charge monthly maintenance fees and charge higher interest rates since the line limit is unsecured.

Most lenders require a credit score of 700 and above to qualify for an unsecured personal line of credit.

401 (k)

You can withdraw cash from your retirement account based on IRS annual guidelines. You can take an early withdrawal before age 59 ½ but are subject to a penalty tax and income taxes.

A 401 (K) loan is a better option because you don’t pay taxes and can repay the loan in five years.

Before withdrawing cash, you should talk to a financial advisor, as a 401 (k) has restrictions and limitations.

Payroll advance

If you can budget repaying your employer for an advance, talk with your boss. You may be able to spread out the payroll repayment deduction into 4 weeks or more without paying interest.

Payday loan

Payday loans are another type of financing alternative that doesn’t require collateral.

However, they ask for a postdated check or automatically withdraw payments to ensure they’ll get paid. Plus, they tend to charge very high-interest rates and have expensive fees. Some even consider these types of loans predatory.

Family and friends

Some people may be able to depend on family and friends to finance their needs.

Getting cash this way should be a temporary solution, though.

Because this isn’t usually a legally binding loan, there’s no record of your payments compared to making monthly loan payments that a lender reports to the credit bureaus.

You also run the risk of harming personal relationships when you can’t repay the loan on time.

The truth is that, most often than not, getting one of the best personal loans is a better option when compared with all these alternatives.

smiling hispanic man

Get the Money you Need

Online unsecured personal loans provide access to cash quickly and can be the answer to financial woes. Now that you know how this type of loan works, you can move forward without hesitation.

One of the best loan funding options available is Camino Financial.

We work with applicants that other lenders turn down. Quite frankly, we don’t want to see anyone give up on their dreams because they couldn’t get financing.

We encourage you to apply for an unsecured personal loan and become one of our valued members. You’ll discover that Camino Financial is uniquely different from other lenders in the loan marketplace.

Get Approved For A Loan Today

 

FAQs:

Is a personal loan secured or unsecured?

Lenders offer both secured and unsecured loans, and borrowers can apply for either one.

Before you apply for one or the other, find out if the personal loan requires collateral. If it does, it’s a secured loan.

What’s the difference between secured and unsecured loans?

Secured loans are easier to get because lenders ask for collateral, such as a vehicle or cash. Because there’s less risk to the lender, the borrower typically pays a lower interest rate.

However, a secured loan takes longer to process and may require additional documents.

On the other hand, the lender approves a loan based on your ability to repay with an unsecured loan. Assets aren’t a requirement of the loan agreement, but you’ll pay a higher rate than with a secured loan.

What happens if I default on an unsecured personal loan?

The lender may start charging late fees, which can ultimately reduce your credit score by 100 points. They will also report late payments to the credit bureaus.

If you don’t resume payments, they could initiate collection proceedings. In addition, any co-applicants on your loan are responsible for repaying the loan if you default.

You can default on a loan with a balance at least 30 days overdue.

What should I do if I can’t make payments?

Contact the lender immediately and describe your situation.

They may be willing to defer your payments temporarily or work out some other financial arrangement so you don’t jeopardize your credit score and history.

You can also contact a credit counselor to find ways to improve your cash flow by reducing expenses.

Can I find unsecured personal loans with guaranteed approval?

Some lenders offer guaranteed loan approvals to get people to apply for loans. Some could even say that “unsecured personal loans with guaranteed approval” are borderline fraudulent.

While lenders can offer loans without checking your credit, there are other factors that they will consider.

They may ask for access to your bank statements to review your income and expenses to verify your ability to pay back the money.

Unfortunately, lenders charge incredibly high-interest rates (150%+) for this type of loan approval.

What credit score do you need for a $10,000 personal loan?

With most unsecured lenders, you will need a good credit score in the 640+ range.

If you want a secured loan, you might be able to get it with a lower credit score.

At Camino Financial, we have personal loans from up to $7,500, and we can work with lower credit scores.

Do unsecured loans hurt your credit?

If you don’t make timely payments, yes, they will hurt your credit score. However, your FICO score might also drop down a bit if the lender reviews your credit with a hard pull.

How much can you get in an unsecured loan?

It all depends on the lender, but most commonly, you can get unsecured personal loans from $5,000 to $100,000.

What banks offer unsecured personal loans?

You can pretty much pick and choose the type of lender you want to apply for an unsecured loan.

Busy, on-the-go people like the convenience of using an online lender. Not only can they apply from a home or office location, but it’s possible to have cash in one day.

But, if you prefer an in-person experience, select a traditional bank.

What can I use an unsecured personal loan for?

As the name of the loan suggests, you can use the money for personal expenses.

You can pay for significant expenses, emergencies, investment opportunities, credit card consolidation, home improvements, moving and relocation costs, or even update a recreational vehicle.

Make sure to ask the lender you choose if they have any use-of-proceed restrictions.

Where can I get an unsecured personal loan?

You can get these types of loans from brick-and-mortar banks or online lenders. Learning how to get an unsecured personal loan with bad credit is easy once you find the correct lender.

Can you get an unsecured personal loan?

These loans are available to anyone who qualifies based on their credit score, ability to repay, and other loan factors.

At Camino Financial, we have minimal unsecured personal loan requirements:

  • Have an ITIN or SSN
  • Earn at least $1,500 in monthly income
  • Have a bank account (active for at least 6 months)
  • Be current with outstanding debts

 

Check if you
qualify for a loan

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