Are there loan products that require no collateral?
Answers | 2
Hi there, yes, there are. Depending on your credit score, some banks are offering Personal Loans that do not require collateral. If you want more information, feel free to reach out.
There certainly are, depending on your credit scores and profile. I'd check with your credit union or bank first, and examine the offers closely. Look at both the interest rate and any fees (whether upfront or added to the loan). I hear ads on the radio regularly touting easy business/personal loans with no collateral, but the rates/costs often border on predatory lending. Personal loans fall into a different regulatory category than mortgages, and can have considerably higher rates. Not saying you shouldn't do one, just that you need to be sure you understand the terms and cost of the loan. Hope that helps, Ted