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People often think that the answer to life’s financial difficulties is a loan, but this option isn’t open to every person. That’s because in order to obtain a loan from a bank, you must present an asset that will be used as collateral. Many Americans do not have houses, cars or jewelry, so their needs will not be served by traditional bank loans.
The Signature Loan
People without collateral do have an alternative, and it is called a “signature loan.” Rather than ask for property to use as collateral, a signature loan lender will take your signature and your promise to repay the loan as collateral. Fortunately, these unsecured loans are becoming available to people online because of the many online signature lenders on the internet these days.
Traditional loans that require collateral leave your property at risk. If you cannot make your monthly payments, the lender will have the right to take possession of your property and sell it as repayment for your loan. Signature loans do not put your property at risk, so they are much more advantageous to you than traditional bank loans.
Your Credit History
One thing that you will need to obtain a signature loan is a credit history. The lender will perform a credit check to find out how well you have paid your bills in the past. If you have good credit and you earn enough money to repay the loan, you may be approved for the signature loan. The lender will also determine what your interest rate will be. With a good credit report, your interest rate will be relatively low.
If you have bad credit, this doesn’t mean that you will never be approved for an unsecured loan. The lender may assign a high interest rate to you, but you also have the option of asking a friend to be a cosigner for you.
Read the Terms and Conditions
Whether you have good credit or poor credit, you must not sign a contract for an unsecured loan unless you read the terms and conditions first. Along with the interest rate, the contract will also inform you of all of your due dates so that you can make your payments on time. This is critically important because as you make on-time payments, your signature loan lender will report it to the credit bureaus, and this will help improve your credit scores.
A borrower can repay a signature loan in as little as two weeks or as long as four years. A single payment loan will require that you repay it after you receive your next paycheck. If you are borrowing a larger sum of money, you will receive an installment loan that will require that you make monthly payments until the loan is paid in full.