Can I Get a Loan Without Collateral?

Learn about unsecured loans without collateral and how they work. Find out if an unsecured loan is right for you and what other options are available.

Can I Get a Loan Without Collateral?

Unsecured loans don't require any collateral, such as a house or car, for approval. Instead, lenders issue these loans based on information about you, such as your credit history, income, and outstanding debts. Technology loans are similar to working capital loans, with conditions especially tailored to companies that need capital to invest in hardware, software or IT planning or technology companies looking for growth capital. An unsecured loan is a loan that has no such requirement. Although there are some business loans available that don't require collateral, they aren't as easy to find or as readily available as a standard secured loan.

If you're not sure if an unsecured loan is the best financial option for you, you may want to consider some alternative options. This could mean getting a debt consolidation loan, which can reduce your debt and help you pay it off more quickly, or a home improvement project, which can increase the value of your home. However, remember that SBA loans may require more effort to apply, take longer to process, and generally have stringent eligibility requirements for approval. Your APR will be between 5.99%-24.99% based on creditworthiness at the time of application for loan terms of 36 to 84 months. Monthly income after paying other debts and living expenses should be enough to cover payments on the new personal loan.

California Loans provided pursuant to the California Funding Act, Division 9 (beginning with Section 22000) of the Finance Code. Borrowers with good and excellent credit (above 689 FICO) generally get the lowest APR on a personal loan. Investors pool the money to finance the loan and the owners return it just like any other loan, with interest. Best Egg personal loans, including the Best Egg Secured Loan, are provided by Cross River Bank, a licensed commercial bank of the State of New Jersey, member of the FDIC, equal housing lender, or Blue Ridge Bank, a nationally authorized bank, member of the FDIC, equal housing lender. Without a tangible guarantee, you will usually be required to sign a personal guarantee to get a working capital loan.

All loan terms, including interest rate, annual percentage rate (APR), and monthly payments shown on this website are from lenders and are estimates based on the limited information you provided and are for informational purposes only. Wells Fargo personal loans stand out thanks to a wide range of loan amounts and flexible terms, but borrowers cannot prequalify. The guarantee acts as collateral for the lender in case you fail to repay the loan and are unable to repay it for any reason. Fortunately, it is possible to find commercial loans that do not require collateral as a condition of approval. If you're considering taking out an unsecured loan without collateral but aren't sure if it's right for you, it's important to weigh all your options carefully. Consider your current financial situation and make sure that you can afford the monthly payments before committing to any type of loan.