Unsecured loan
Mortgages & secured lendingA loan that is not backed by an asset or collateral.
Overview
Unsecured loans rely on your credit profile and affordability.
Interest rates are often higher than secured loans.
Why it matters
- It can be easier to access for smaller amounts.
- Rates depend heavily on your credit score.
- Missed payments can damage your credit profile.
FAQs
Is a credit card an unsecured loan?
Yes. Credit cards are a form of unsecured credit.
Do unsecured loans require a good score?
Not always, but better scores usually get better rates.
Related terms
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