Unsecured Personal Loans - Is Bad Credit a Roadblock?
Personal loans are useful in many situations, such as dealing with personal emergencies or funding larger purchases that don't fall under a specific type of loan. For example, if you wanted to purchase a new computer, a personal loan could cover this expense. You could also fund a wedding or pay for certification testing with this credit. The loan's flexibility makes it an attractive line of credit for many situations involving costs that are larger than your typical amounts.
What Is an Unsecured Personal Loan?
Personal loans come in two basic types: unsecured and secured. An automobile loan is a great example of a secured personal loan. The car acts as the collateral, so if the borrower stops making payments, the bank can limit its losses by repossessing the car. An unsecured personal loan does not have any physical asset associated with it. You receive this loan on its own, which means the lender takes on a higher risk. Sometimes you'll hear the term "signature loan" associated with this line of credit, as your signature is the promise that you'll pay it back to the lender.
Can I Apply for an Unsecured Personal Loan If I Have Bad Credit?
Concerned because you have damaged credit or no credit? LendUp may be able to help. LendUp offers unsecured personal loans without traditional credit checks to its customers. And with the LendUp Ladder, we strive to provide a path for customers in eligible states to move up and earn access to apply for more money at a lower cost. See The LendUp Ladder for details.
LendUp does not require good credit scores for our application process. We focus on helping people with poor credit to change their financial future through our loans. If your application is accepted, you get unsecured personal loans that can contribute to improving your credit score. A LendUp Loan application is entirely online, normally takes less than 5 minutes to apply, and you receive a decision instantly.
Bad credit shouldn't stop you from getting access to the loans that can make a big difference in your life. LendUp wants to help you gain a better understanding of credit so you can create a long-lasting foundation that keeps you and your family on the right path to a healthy financial relationship.
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