In the case of financing a smaller acquisition, or if the borrower is unwilling or unable to provide collateral for the loan amount sought, banks and finance companies will also offer unsecured loans.
Applying for an unsecured loan
Applying for an unsecured loan usually does not require going to a bank, but you can apply for a loan online. However, we recommend that you make a loan comparison before making a decision. You will usually get a loan decision quickly and the money in your account immediately.
Banks often require customer loyalty and do not lend to customers other than their own. Unlike banks, other financing companies and lenders grant loans to virtually all bank customers, as long as the credit information is in order and the applicant meets the loan terms and conditions.
Unsecured loans are usually called consumer loans
Unsecured loans are usually called consumer loans. Consumer loans are either one-off or flexible loans. Flexicurity means that a borrower obtains a certain amount of credit to an account from which he can draw credit in installments as needed, within the limits of the credit granted.
As the name implies, a one-time loan can be credited to your account at once.
Flexicurity may be a suitable option when the total cost of the item is difficult to estimate. You can usually apply for Flexible Credit without a new application.
The credit will be released again as you pay it off
The credit will be released again as you pay it off. Interest is always paid on the drawn credit. The monthly repayment is largely up to the consumer.
Consumer credit is actually a roof term for unsecured loans. Quick loans are also consumer loans, but the loan period is typically short and the loan amount small. anks and finance companies will also offer unsecured loans.