Unsecured loans: what do they consist of?

When applying for a loan, one of the conditions demanded by many financial institutions is that of having a guarantee, a concept that appears repeatedly in financial language. But what is an endorsement? There are different types? Is it essential to get a credit?

What is an unsecured loan?

What is an unsecured loan?

Although most banks ask for a guarantee when applying for a loan, there are financial entities where it is not necessary. They are known as unsecured loans. In these cases, it is not necessary to involve a third party who is responsible for the loan applicant in the process. As well as it is not necessary to put as a guarantee a home or property.

For unsecured loans, the applicant is only asked to review his credit history and ability to repay. A process that, in the case of other lenders, only takes a few minutes since it is fully automated.

Entities that grant credits without endorsement

Entities that grant credits without endorsement

Lender grants credits without endorsement, as can be achieved even if the applicant is on debtors list of defaulters. This is because lender takes more criteria into account when studying a loan application and accepting it or not. You can request from 750 dollars to 5,000 dollars and return them within a minimum period of 6 months and a maximum of 48 months.

Not all financial institutions make it so easy to get credit without collateral. There are cases in which banks do accept if the amount is low and the client has other financial products with them, such as insurance, a mortgage or other accounts. And this after a process that can take days or weeks while the application is studied.

Requirements to get a credit without guarantee

Requirements to get a credit without guarantee

The requirements to apply for a loan are quite simple to meet, and it is only necessary:

  1. Be a resident in the country and be over 18 years old.
  2. Being the holder of an online bank account, where the credit will be paid if the request is accepted. Account ownership will have to be verified by sending a refundable dollar.
  3. Have a valid identity document from which a photo must be attached.
  4. Have an email and a mobile phone number.

Remember that the entire process is online and is done through the website. You do not need to send documentation by post or make any phone calls. All the process from when you request the loan, until you have the money in your account is online and you can do it from your computer or mobile with an Internet connection, wherever you are.

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