What is an unsecured loan?

Before you take out a loan online it is a good idea to know about the basic financial terms. In this article, we will cover unsecured loans, which is the most common type of online loan you will find on Incombi. 

An unsecured loan is a type of personal loan without security in any assets. An unsecured loan is a type of unsecured debt meaning that there is no asset used as collateral. This is usually the most common type of loan you will find online. 

Unsecured loans can be used for any type of personal need. They typically have a fast payment and require little to no paperwork.  

Where can you find unsecured loans?

It is very easy to find unsecured loans with Incombi because we have made the process of obtaining a loan quick, easy and 100% online. When you get a loan through our service you know you are getting a loan from a trusted and reliable lender. 

You don’t have to spend time looking for reliable lenders because we have already done the hard work. Because of this, you are able to get an unsecured loan in a matter of a few clicks. 

Our service is always free and our goal is to make your financial choices easier. 

Advantages and disadvantages of unsecured loans

There are both advantages and disadvantages of unsecured loans. One of the main advantages of unsecured loans is that you don’t need any assets when borrowing. That means you don’t risk losing assets the same way as with secured loans. That being said it is still really important that you pay back your loan so that you don’t default. Lenders will still try and get their money back with other methods, which can end up being really expensive and have long term financial effects on your finances. 

Another advantage of unsecured loans is that they are fast and easy to get because they typically don’t require any paperwork. With unsecured loans, you will also typically receive the money quickly after approval.

One of the disadvantages of unsecured loans is that they might have a higher interest rate compared to secured loans, because of the greater risk for the creditor.