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An unsecured loan is one for which we do not have to keep any collateral or guarantor with the bank. Generally banks ask for a guarantor or a collateral when we are applying for a loan. A collateral can be gold, your home / land papers or any other precious item or stock options which is kept with the bank as guarantee. Unsecured loan is also called a signature loan or personal loan.
Credit card or EMI payments like Bajaj EMI card are an example of unsecured loan.
Creditors tend to demand extremely high interest rates as a condition of extending unsecured loan, under risk based pricing. The maximum loss on a properly collateralize loan is the difference between the outstanding debt and the fair market value of the collateral. So, in the context of secured lending, the use of collateral reduces the size of the “bet” taken by the creditor on the debtor’s creditworthiness. Without collateral, the creditor stands to lose the entire sum outstanding at the point of default, and must boost the interest rate to price in that risk. Where high interest rates are considered usurious, unsecured loans are either not made at all, or are made by loan sharks unafraid of the law.
In few legal systems, unsecured creditors who are also indebted to the insolvent debtor are able (and in some jurisdictions, required) to set-off the debts, which actually puts the unsecured creditor with a matured liability to the debtor in a pre-preferential position.
An unsecured loan may be right for you if you:
- The amount of money required is clearly known
- Get a fixed interest rate and fixed payment throughout the life of the loan without worrying about collateral loss. Does not have to look out for collateral if you do not have any.
- Want the loan to be paid off within a definite period of time
- Don’t wish to secure the loan with your home or with any other collateral
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