Loan Without Security
When you need a loan and need it quickly, you would prefer to not have to have your loan secured. If you have a good credit history and good credit score, this is easier for you to do. If you credit history and score are flawed in any way, this can be a little more difficult for you.
You will want to look around before you get any loan – you will want to check out all the different options that you may have. To get a loan without security – or lån uten sikkerhet – you will have to be extra diligent. You don’t want to be taken advantage of by unscrupulous lenders that are out there.
This article will help you to find out how to get a loan without security. It will also help you to find a reputable lender for when you are ready to take this step. There are many good lenders out there, but you have to be careful to find them.
How to Get an Unsecured Loan
As with most loans, your credit history and your credit score play important parts in getting the loan. If you have a credit score in the 700’s you will probably not have many problems in getting an unsecured loan. The lower that your credit score is, the more difficult it is to get an unsecured loan. The same is true of your credit history – if you have a good history of paying off your bills on time you have a better chance at getting an unsecured loan. If you pay late on a regular basis, you will have a more difficult time.
The first thing that you will have to do is to apply for the loan from the lender of your choice. This would be after checking your credit score so that you know you have a good chance at getting the loan. See here to learn more about credit scores: https://money.usnews.com/credit-cards/articles/everything-you-need-to-know-about-credit-scores. Some lenders will allow you to apply for a loan online, while others will ask that you come into the building to apply. Make sure that you have all the necessary paperwork with you, such as proof of income and proof of address. You might also need other paperwork, so talk to the lender before you go in.
Next, the lender will determine if you have filled out the application correctly and have all the necessary information included. They will pull your credit score to see where you rate – if your score is where they want to see it, you may be asked to come in and sign some paperwork. If it is not where it needs to be, you might still get called in to the lender to see if there is anything that you can do to get the loan.
Once you have signed the paperwork, you can expect the funds to be deposited into your account within the next day up to the next week. You might also be given a paper check or a prepaid debit card with your funds on it. You could probably ask your lender for your preferred method of receiving your funds.
Best Lenders for Unsecured Loans
1. Lending Tree
This lender is among the top lenders and can help you to get many types of loans. The interest rates for their loans depend on your credit score and history and can be from between 5.99% and 35.99% – the worse your credit, the higher the interest rates. They have one short application form for all different types of loans to make things easier for you. The most that you can borrow from them is $50,000, which should be enough for most small project that you have.
2. Credible
This is a loan broker that has many vetted lenders that they send your information to. This allows you as the borrower to compare rates and perks that the lenders may have. There are no prepayment fees for these loans and many times there are no origination fees. The interest rates depend on many different items including the lender and your credit history. They can be as low as 5.40% and as high as 35.99%. You can also get a loan for up to $100,000 for all your needs such as debt consolidation or remodeling your home.
3. Lightstream
Lightstream allows great rates for you if you have a credit score above 660. Their interest rates can be between 5.40% and 35.99% depending on your credit history. If you use autopay, you can save even more money on your loan. You can borrow up to $100,000 for whatever your needs that you might have. They also have zero upfront fees and no fees for prepayment of your loan.
4. SoFi
If you have a great credit score and income history, you can get wonderful rates and fees from SoFi. Their interest rates are from 7.99% to 23.43% depending on your information. They also give you access to financial advisors, private networking events, and unemployment protection. They have very flexible terms and options with no fees whatsoever, making them one of the easier lenders to deal with. You can borrow up to $100,000 with SoFi and you will have a great experience dealing with them.
5. Bankrate
Bankrate promises to help you even if you have a score as low as 550, which is a lower score than most lenders will allow. They can help you to find the exact loan that you need for your unique purposes. The interest rates for these loans go from a low of 6.24% to a high of 35.99% depending on your credit history. They offer you a comprehensive knowledge hub for you to have any of your questions answered. They also give you an online loan comparison tool that will allow you to compare all their loan products so that you will get the loan that best fits your needs. The maximum loan amount that they give is $100,000, but that should fit most needs that you may have.
6. Figure
This lender promises that you can apply in seconds and have your money in as little as two days. Their interest rates go from a low of 5.75% to a high of 22.94% depending on your credit information. They do expect a slightly higher credit score of at least 680 to process your loan, but they can loan you up to $50,000. You can apply completely online and have options to pay off the loan in 3-5 years.
Conclusion
The process for applying for an unsecured loan is fairly simple in today’s world of online lending. You can do it in just a few simple steps and have your money as quickly as instantly up to a few days. You will need a credit score of at least 580 to secure a loan, but you can also get a loan for up to $100,000 depending on the lender.
There are also many lenders that will be willing to help you across the country. Many of them will allow you to apply online to save you time and effort. Many will put the money directly into your bank to save you from having to cash a check.
