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    What to Know About Unsecured Loans

    If you are considering taking out an unsecured loan, there are a few basic pieces of information you should know. Unsecured loans are a way to get fast cash in Dayton if your bank account could use a little boost, but there are some important things to think about. First and foremost, an unsecured loan is not backed by any sort of collateral. In other words, the loan is riskier for the lender, so you might be facing higher interest rates and inflexible payment plans. The lender does not have a security measure in place, so he or she has nothing to fall back on if the deal falls through. However, if you do not own a home or a car, it may be difficult to be approved for a secured loan. Rates are generally higher on an unsecured loan, but they are lower than most credit card rates. Meaning, if you need to borrow money and do not have the necessary collateral, try to avoid credit cards which tempt you to keep spending. An unsecured loan has a fixed rate and term that forces you to be diligent and pay off the loan within the designated timeframe. On the other hand, the interest rates on an unsecured loan can easily be over 10 percent and are not tax deductible. In the end, you will end up paying far more interest on an unsecured loan than you would on a secured loan of equal size.

    Unsecured Loan Basics

    There are certain things every borrower should know about unsecured loans. For your convenience, we have put together a list of the basic characteristics, so you can make an informed decision when the time comes to take out a loan.

    Unsecured loan basics:

    • Interest rates – Interest rates are usually higher for unsecured loans, because the lender is taking a bigger risk. Rates can easily climb into the double digits. For some, the interest rates on an unsecured loan are a happy medium between extremely high credit card rates and lower secured loan rates.
    • No collateral – The biggest distinction between unsecured and secured loans is a lack of collateral. Unsecured loans are not guaranteed by any kind of property, such as a home or a car.
    • Lack of tax benefits – Unsecured loans do not come with any tax benefits, because interest payments are not tax deductible.
    • Fixed terms – Most of the time, an unsecured loan is due at the end of a predetermined time period, so interest rates are fixed. However, if you fail to pay in full during that period, your rates could sharply increase.
    • Revolving line of credit – Not all unsecured loans have fixed interest rates, because they work as a revolving line of credit like a credit card. In this case, your rates are variable and can change from month to month.

    As with any major financial decision, it is important to weigh the pros and cons before agreeing to anything. It is also important to shop around, because different lenders offer different products. Every lender you encounter will most likely offer you a different fee for unsecured loans, so do your due diligence and make sure you are getting the best possible deal. Above all, only take out an unsecured loan if you really need it and do not qualify for a secured loan. Make sure you can easily afford your monthly payments and use your money wisely. If you are looking for a loan that is guaranteed by a property item and you own your car free and clear, check out Dayton Title Loans. You can drive away with a secured loan in as little as 24 hours without undergoing a credit check.