Unsecured Lines of Credit
With an Unsecured Line of Credit (ULOC), there is no asset acting as collateral against the lent funds. Meaning no major assets are subject to seizure upon default. The main advantage of an unsecured loan is faster approvals with less paperwork.
While unsecured loans might be obtained more quickly, it's important to remember you'll likely pay a higher interest rate plus our one-time Fee. Some of the common reasons why clients choose unsecured loans are for home renovations, buying a car, medical bills, education costs, and debt consolidation.
Unsecured Lines of Credit can also help you with:
- Taking out an unsecured personal loan for home renovation projects is ideal, because you can access funds quickly to complete projects with predictable costs.
- Car loans take less time to process than a secured loan, and interest rates are very competitive.
- For ongoing expenses such as paying tuition or covering the cost of medical bills, you may be interested in an unsecured personal line of credit.
- If you have outstanding debts, consolidating them with a personal loan can help. With interest rates that are lower than credit cards, this solution can help you manage your monthly payments.
0% interest for 12-21 months
Can re-use credit