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How to get a Personal Loan without any collateral

Personal loan without any collateral is referred as unsecured loans. Unsecured loans would not require any movable property (like jewelry etc.) or any immovable property (like house, etc.). Unsecured loan can be used for any purpose. You can use the unsecured loan for your day to day needs or paying for your rent or going for a holiday vacation or you can pay your consolidate debt with it.

Mostly loan amounts ranges from $1500 to $50,000 and should be paid within two to five years in fixed installments. Rate of interest would vary based on your credit rating and your creditor terms. Following are the ways that you can follow to get personal loan without any collateral.

Check your credit score information

Creditors tend to review your credit score information before providing you with unsecured loan. Credit rating can be divided in four categories

  1. Excellent credit= 720 or higher score
  2. Good Credit= greater than 690 and less than 720
  3. Average credit Rating= greater than 630 and less than 690
  4. Bad credit rating= greater than 300 and less than 630

Unsecured loans are mostly provided to the excellent credit ratings people as they are unsecured and there is not any other guarantee of getting amount back from debtor. If you have low credit rating than you must look for those ways that can increase your credit ratings.

Look for lenders

You can go to different banks or credit union that can provide you unsecured loans. It would be best if you contact your bank for your loan. Your personal bank would know your spending habits, your income also your risk profile. In this way, it would be easy for you to get unsecured loans.

Most of the time credit union targets the low credit rating loans. But you must be vigilant not to apply loan request to unregistered or fraudulent sites or organizations.

Shop around for optimal interest rates

Apply to different banks for your interest application and look what interest rate they are offering to you. You must compare those interest rates and choose the when with minimum interest rate. While you apply for different banks, your credit rater would know you are shopping around and would treat your application as one. So, don’t worry, it will not affect your credit score rating.

Apply for unsecured loan

After choosing the minimum interest rate loan, you would apply to that bank or credit union. They will ask for the following documents to go ahead:

  • Your passport, driver’s license or your state ID Card for identification
  • Your recent monthly utility bills for verification of your address
  • Your salary slip, bank statement, W-2 form or tax return for the proof of your income

The lender would search your credit history before approving your loan and after the approval you may get your loan amount within a week.

The most important thing is to choose the best loan offering the minimum interest rate.