Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Scroll to top

Easy Unsecured Loans for Individuals and Businesses

Obtaining a loan isn’t always easy, especially when that loan is unsecured and therefore more of a risk for lenders. In order to make the process of getting a loan as simple as possible, it helps to understand the difference between unsecured and secured loans and the requirements for each.

Unsecured Loans vs. Secured Loans

Unsecured loans—such as credit cards, medical bills and student loans—are loans that are not tied to collateral. Because unsecured loans do not require collateral, they aren’t typically easy to obtain, and individuals and businesses alike will need both a good credit history and solid income to be approved. However, if your credit history is good and your income steady, you might be able to easily qualify for an unsecured loan and quickly get the funds you need.

Pros of Unsecured Loans:

  • Can often be obtained quickly
  • No danger of losing collateral such as a house or car
  • Benefits offered with unsecured credit cards

Cons of Unsecured Loans:

  • Higher interest rates
  • Harder to qualify for

As mentioned before, secured loans require collateral to be obtained. Types of secured loans include home loans, car loans, secured personal loans and secured credit cards. Secured loans are typically easier to qualify for because they are less risk for lenders and they often have lower interest rates.

Pros of Secured Loans:

  • Easier to obtain
  • Can borrow larger amounts
  • Lower interest rates

Cons of secured loans: 

  • Loss of collateral if default on loan

Is an Unsecured Loan Right for Me?

If you need funds quickly, don’t want to put up collateral for a loan and don’t mind higher interest rates, an unsecured loan could be right for you. Whether you are looking for a loan for personal or commercial use, it is important to go over the pros and cons and view your options before you apply.


Trending Topics
Savings Account – South Carolina If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated… Checking Account Comparison First Bank of High Point, NC High Point, North Carolina, is a bustling city full of history, businesses, recreation and much more. If you live in High Point, NC, you probably want a checking account that… How to Get a Personal Loan – North Carolina Combing the internet trying to find out how to get a personal loan in North Carolina? Call off the search and visit one of First Bank’s North Carolina locations to meet… Online Money Hacks – First Bank If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For… Lumberton Bank (Bank in Lumberton) The city of Lumberton, North Carolina, only takes up about 15.8 square miles of land, but within that area there are plenty of shops, restaurants, entertainment, and banks for residents to… Lowest Mortgage Rates – Jacksonville, NC If you are looking for some of the lowest mortgage rates in Jacksonville, NC, your local First Bank can help. Now is a great time to buy a home in… Small Business Loans – Florence, SC With a rising population and a per capita income higher than the state average, Florence, South Carolina, is a promising place for new businesses. First Bank has two locations in… Asheville Savings First Bank in Asheville offers savings accounts for anyone looking to get the most out of their money. Whether you’re under 18 and just starting to learn about saving or… Best Checking Accounts – Florence, SC If you're looking for the best checking accounts in Florence, SC, you have a lot of different options. At First Bank of South Carolina, we have two convenient locations in Florence… Balance Transfer Calculator If your current credit card isn’t meeting all of your needs, consider switching to a First Bank credit card. First Bank now offers the option to transfer your balance from…