Author: RajJaiswal

Introduction Unsecured loans include personal loans, credit card loans, education loans, business loans and so on. These are basically those loans where credit facilities are provided without requiring any physical collateral from the borrower. It contradicts the traditional concept of secured loans, which are guaranteed by some specific assets like real estate or automobile and provide protection from loss to lender in events where borrower defaults on their payment. Benefits of Unsecured Loans From the borrower’s perspective, unsecured loans present many perks, such as: Quicker approval process of loan Elimination of collateral Drawbacks of Unsecured Loans But there is a…