Most people that need a loan will walk themselves into a bank to ask for one. If they don’t have collateral, they don’t know what to call the type of loan that they need. If you don’t have collateral such as a car or a home, the loan you need will be called one of two things: a signature loan or an unsecured loan – these two names describe the same type of loan.
People take out these loans for a variety of reasons including:
- Paying for school
- Unexpected expenses
- Home repairs/remodeling
- Recreation
- Paying debts
- Paying bills
The cool thing about these loans is that you don’t need a reason to take them out. Banks don’t really care what you use the money for. The downside to these loans is that they are usually going to cost significantly more than many other types of loans. They usually cost six to seven percentage points more than a home loan and four points higher than an auto loan. Since there is no collateral tied to the loan, they carry more risk for the lender and this causes the higher interest rates.
For that reason, you wouldn’t want to use signature loans if you have access to home equity or if you own your vehicle. It would be a lot cheaper to use these belongings as collateral.
Bad Credit Signature Loans - The definition of a signature loan is a loan that doesn’t have attached collateral. These loans are offered by many lending institutions, including mainstream banks such as Wells Fargo, Chase, Bank of America, and HSBC, among many others. Of course, many institutions use a different name to describe these loans – often ‘unsecured personal loans’. [...]
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