Unsecured loans are a type of credit and loan product that does not require collateral to be taken out. This type of loan is typically used for personal expenses such as home improvements, debt consolidation, or medical bills. Unsecured loans are typically offered by banks, credit unions, and online lenders. Interest rates and repayment terms vary depending on the lender and the borrower's creditworthiness. Unsecured loans are typically more expensive than secured loans, as lenders are taking on more risk. Borrowers with good credit may be able to get lower interest rates and more favorable repayment terms. On the other hand, borrowers with poor credit may be offered higher interest rates and shorter repayment terms. Some companies in the unsecured loans market include Bank of America, Wells Fargo, Discover, and LendingClub. Show Less Read more
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