An Unsecured Loan is a loan that does not require you to provide any collateral to avail them. It is issued to you by the lender on your creditworthiness as a borrower. And hence, having an excellent credit score is a prerequisite for the approval of an Unsecured Loan.
How to Apply
In an unsecured loan, a lender provides money to a borrower without any legal claim to the borrower’s assets in case of default. This means the lender has to depend solely on the borrower’s financial capacity and creditworthiness for repayment.