Know the Difference between Secured and Unsecured Loans

Know the Difference between Secured and Unsecured Loans

Times are tight, and many people are seeking alternative methods of lending to help them with emergency expenses. At any given time you could be subject to your car breaking down or maybe you need the extra money to pay for your pet that needs medication. If you need money now, CASH 1 Loans can help you with a more flexible alternative. We offer installment loans no credit check.

Difference between Secured and Unsecured Loans Explained

With these loans you can stretch your term out longer over time, which reduces the cost of your monthly payments as the entire loan is not required to be paid back all at once. They typically do not require a credit check so anyone can get approved, and the application usually takes less than 10 minutes to complete. All that is required to apply is a steady source of income. There are two forms of installment loans to be aware of - secured and unsecured.

The Difference between Secured and Unsecured Loans

A Secured Loan or Title Installment Loan is when CASH 1 has a form of collateral as part of the transaction to minimize the risk of the loan. It basically means more cash for you. An auto title loan is a form of a secured personal installment loan as we will keep the title in return for lending you the amount financed. You can still drive your vehicle and we’ll lend you up to $50,000 depending on the equity it has available. An unsecured line of credit has smaller borrowing amounts because there is no collateral involved. The repayment structure is still longer than a payday loan. You can receive up to $1,500 if your income and expenses allow you to afford it.

What You’ll Need To Apply

For a speedier process when you apply, you should provide a Driver's License or State ID card. We’ll need to verify proof of income to determine the amount of your loan. A paystub or banking records are the most common, but disability and SSI can also both be considered as income. You’ll need an open bank account and at least two personal references. Also, keep in mind that you cannot be on Active Duty in the Military.

Duration

Each loan has a different payment plan. The Unsecured Personal Installment Loans will have to be paid back in three months or 90 days. A CASH 1 Title Installment Loan has a repayment period not to exceed 210 days. We never have an early payoff penalty, which means you can pay the full amount before your final due date. You can make payments at our convenient store locations, online at www.cash1loans.com or by calling 800-431-3532.   

 

The difference between secured and unsecured loans? A secured loan has collateral to minimize the risk to the lender. Unsecured loans do not need collateral.

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CASH 1 Loans, what is the difference between secured and unsecured loans, difference between secured and unsecured personal loans, difference between secured and unsecured loan, difference between secured and unsecured loans

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Bad Credit Loans, Installment Loans

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