The pros and cons of
an unsecured loan

An unsecured loan is a credit product that doesn’t require you to use something as collateral. For example, if you default on a mortgage, the bank can repossess your house to repatriate some of the funds they’ve lost.

In the case of unsecured loans, if you default, you harm your reputation and your credit score rather than lose whatever security you used, as you would with a secured loan.

As with every loan, an unsecured loan has it’s pros and cons. Here’s some points to consider to help you make a better choice about whether an unsecured loan may be right for you.

 

The pros and cons of an unsecured home loan

The Pros

The Cons

Conclusion

Taking out a loan can be a daunting process. At FundingPro, we can help you define and understand your goals and be sure you’re finding finance that’s the right fit.