Unsecured Loans

When a loan is secured, it means assets (like a house or car) are used as security, or collateral, against the loan. If you fail to pay back your loan, those assets can be taken by the lender.

An unsecured loan means there’s no security taken out against your loan, you simply get the cash you need and you pay it back over time.

With an unsecured loan, we can get you your funds faster because we don’t have to spend time checking the value of your assets. It’s a much simpler process.

Depending on your credit history, we may require security before we can give you a loan. In the end, it will depend on your financial history as well as your circumstances. Bad credit loans are one of our specialties, and the best part is that they’re low-cost as well.

So, if you have a bad credit score and are wondering if you can get a personal loan, contact our friendly team today.

When you apply for a loan through Loansmart, we need to check your financial history to make sure you can afford to take one out. This is part of our responsible lending practices.

However, we make it super easy by simply sending you a link for you to send us your bank statements electronically – no paperwork required!

An unsecured personal loan with a “guaranteed approval” does not exist, since lenders need to make sure their lending is responsible. Loansmart, however, finds positive solutions for the majority of our customers.

When you apply for a loan through us, we work quickly to find low-cost loans that suit your needs. Our goal is to get you what you need without adding to your financial burdens by taking a look at your credit history and financial situation. While we can’t guarantee approval, we can guarantee that we will do everything we can to help.

Whatever you like! One of the great things about getting an unsecured personal loan through Loansmart is that there’s no restrictions on what you can use the money for. Whether it’s for a holiday, a car, home repairs or a wedding, you have the freedom to use your funds how you see fit.

Loansmart’s unsecured personal loans are ideal if you need funds quickly. The $75,000 limit on unsecured loans is enough for most borrowers. However, if you need to borrow more, we can also offer secured loans up to $150,000, depending on your financial situation.

We make it easy to get what you need and we make it affordable – by spreading your payments on a loan term between 6 months and 7 years, you’ll have enough financial wiggle room that you’re not under too much pressure.

An unsecured loan may be best for you if you want to get your funds quickly, and don’t want to risk losing any assets if you fall into financial difficulty. However, it might not be the best option if you have a bad credit history or you want to borrow more than $75,000.

Still unsure? Get in touch with our friendly loan advisors at Loansmart today, and they can talk you through your options.

Not necessarily. Many banks offer a “one-rate-fits-all” approach to lending. So if you’ve got a good credit score, and good discretionary income, you might end up paying more through a bank.

Banks typically offer up to $30,000 for unsecured loans, but online lenders like Loansmart can offer up to $75,000. That extra $45,000 can make all the difference if you’re renovating, buying a car or consolidating loans. Check out this article here for more information on the differences between banks and online lenders.