Unsecured Loans

Personal Money Network works with direct lenders that are capable of providing unsecured loans, fast. The process is easy. Filling out the form takes just a few minutes. From there, many of the lenders are capable of rendering a near instant decision, so you’ll know your decision fast. Fast decisions could mean faster approvals over choosing to work with a traditional bank, and because the entire process takes place online there is often no need to fax documents or send things through the mail which drastically slows down the approval process.

For best results, please be sure to submit your request for an unsecured loan on a regular business day during normal banking hours. This will increase your chances of receiving a near instant decision. Also be sure to fill out the form completely and accurately so that no delays happen in the approval process. One final step to consider, is providing your checking account information that is in good standing when you fill out your form. Many of the lenders working with Personal Money Network are capable of making direct deposits. These deposits can often be sent as soon as the next business day once you have received an approval, depending on the lender. Check with your lender to see if direct deposit are an option. When you have received an approval, review your contract carefully so that you can ask your lender any questions you may have before you sign the loan agreement. This step will also help ensure that you are not surprised later on when you repay your loan which you should be sure to do within its term.

What is an unsecured loan?

Unsecured personal loans are a type of loan that is given without collateral to secure it. When you offer collateral to secure a loan, that means that you are using some sort of property that you own to guarantee that the lender will get their money back. Common examples of secured loans include mortgages and car loans. These loans are secured against the property that you are using the loan to buy, so when you take out a mortgage, the home you are purchasing with the loan is what is used to guarantee the loan.

If the borrower fails to pay back the loan, the lender can then make a claim to the home in order to recover their loss. Unsecured loans do not have this kind of safety net for the lender are riskier for lenders to approve. For this reason, unsecured loans are commonly only given to borrowers with good credit or great credit scores.

Unexpected Expenses Happen

Your dishwasher flooded the floor and you need to get it fixed. Maybe your transmission went out, or you need new tires for your car so you can get to work safely. Some people consider short term loans because they need to pay some bills on time to avoid late fees that may be more painful than requesting a short-term loan and paying the interest. These are common reasons that borrowers consider requesting unsecured loans. No matter what the reason, Personal Money Network works with direct lenders that are capable of working with bad credit borrowers to offer a lending product that is customized to suit their situation.

Unsecured Loan for Bad Credit

Requesting unsecured loans is easy with Personal Money Network’s form. Our form is easy to fill out and does not require that you use a particular device to complete it. Simply fill out the application. When you are sure that you have accurately filled in all of the details and double checked that there are no spelling errors and that all of the boxes on the form are completed, submit it and wait to see if you will receive a near instant response.

Many of the lenders we work with are capable of rendering an instant decision. This means that you will know your decision after submitting your application. There’s no need to wait for a letter to arrive in the mail or to go out to find a store front lender that is open at a time that is convenient to you. With the online process through Personal Money Network, you can simply request unsecured loans for bad credit from the comfort of your home or office without having to leave your desk and because completing the form only takes a few minutes, you can do this during your lunch break, commuting, or while you are making dinner.

Beware of No Credit Check or “Guaranteed” Loans

Other companies try to claim to offer no credit check loans or “guaranteed” loans, but these are really just marketing terms use to convince borrowers to purchase loans through their company instead of using someone else. Every lender performs at least some type of credit check. Even doing an income verification or looking at your monthly expenses is considered a type of credit check.

The same is true for “guaranteed” loans. No lender can guarantee that you will be approved to receive a loan without first reviewing your ability to pay the loan back. These techniques are dishonest and you should be wary of any company that claims to offer these so-called “services.”

What can I use an unsecured loan for?

It’s better to ask what you need to use an unsecured loan for. The lenders working with Personal Money Network often do not require that you tell them what you need the loan for so you can direct the money as you see fit. It is important that you consider the reasons for which you are requesting an unsecured loan, particularly if you have bad credit.

You do not want to obtain a dark mark on your credit score so be sure that you are choosing to borrow the money for a good reason. Some common reasons borrowers seek to request unsecured loans include unexpected events requiring an immediate repair to a car or home appliance, consolidation of bills in order to make it easier to pay off debts or just needing a little extra cash until their next paycheck.

Is it safe?

Personal Money Network believes that everyone has the right to request loans regardless of their credit history. That doesn’t mean that you should also have to worry about who is looking at your financial data. This is why we use industry standard best practices for internet security. You can feel confident that your information is protected and no one that doesn’t need to see your financial details will be looking at them.