Short-Term Unsecured Loan

We have all found ourselves in a financial bind at least once in our lives, if not more. There are many things that can occur on a daily basis that can impact your financial situation and leave you needing money. The loss of a job, a car accident or any other type of unexpected emergency or expense can leave you in a situation where you need extra money, or a loan, to get back on track. There are many different options for consumers when it comes to getting loans. There are short term loans, long term loans, secured loans, and unsecured loans. First, let’s review the different types of loans available and then we will look at what option is best for your situation. Short term loans are loans that are usually repaid anywhere from two to eighteen months and long term loans are loans such as a mortgage or car loan which are paid back anywhere from two to thirty years. Secured loans will require collateral and you will usually see these types of loans with mortgages and car loans and they use the home or automobile as the collateral. Unsecured loans, or personal loans, do not require collateral and are based on your credit and your ability to repay the loan.