The benefits of unsecured personal loans you should know

Over recent years, unsecured personal loans have gained a bad reputation within the financial eco-system. However, the popularity of unsecured personal loans among the general public has also skyrocketed. Let’s take a look at unsecured loans, as well as the benefits of unsecured personal loans you probably did not know about.

What are unsecured personal loans?

Unsecured personal loans are personal loans given by financial institutions (like OnCredit) without requiring collateral. This means that you can be eligible for unsecured personal loans without needing to provide proof of assets.

What is the difference between secured and unsecured loans?

There are a few key differences between secured and unsecured loans. Most traditional banks or financial institutions do not offer unsecured personal loans, opting only for the traditional secured loans where you need to provide extensive collateral such as your vehicle or the title of a piece of property. In the event you are unable to pay back your personal loan, they will taken ownership of those assets. Secured loans are unyielding and a long-term financial commitment.

On the flipside, you have unsecured personal loans which are the opposite of secured personal loans. Here are some of the key benefits of opting for unsecured personal loans provided by financial institutions like OnCredit, compared to traditional secured personal loans.

Easy

Applying for unsecured personal loans from OnCredit can’t get any easier. You can do it from the comfort of your own home without having to even leave your seat. Simply visit the website, enter the amount required, submit the required photos (just a selfie and a photo of your National Identity Card) and await your verification phone call. The instructions are also given in multiple languages on a website that is responsive to all devices. Even the most unsavvy person or first-time personal loan taker can easily figure out the entire process.

Quick

If you need an instant personal loan, unsecured personal loans are definitely your best bet. Due to the incredibly-simple process, the entire application process can be completed within a matter of minutes and you may even find yourself with cash in hand within just a few hours.

Short-term

Secured personal loans often stretch out for many years whereas unsecured loans are instant personal loans that can be settled within just three months (or more if you require a longer payment period). The major benefit of short-term unsecured personal loans is that you avoid long-term financial commitments which might see you being tied down to unpleasant jobs you can’t leave.

Reliability

Imagine having a permanent source of cash available for you should you need it, almost no questions asked, no matter what your financial situation may be. Due to the loan requirements being extremely low, the unsecured personal loan services offered by OnCredit opens doors for thousands of people who would ordinarily not qualify for secured loans from banks and other traditional financial institutions.

While unsecured personal loans come with their own unique downsides (late payment fees, lengthy terms and conditions etc.), there are situations in which the benefits of unsecured loans far outweigh them. Consider all avenues carefully and make your decision. If you do decide to select unsecured loans, get in touch with OnCredit and we will provide you with one of our instant personal loans.