Unsecured Loans Types

In categorizing loans between unsecured and secured, unsecured loans have different types as well. Regular workers and businesses can take advantage of any of these unsecured loans because:

• It doesn’t require security through the form of a collateral
• The processing time is usually faster and smoother
• It’s more flexible

Types of Unsecured Loans

Summarizing the types of unsecured loans, it can be split into three (3): a term loan, a consolidation loan, and a revolving loan.

A term loan is the type of loan where the borrower and the lender would have an agreement as to when the loan shall be completed. It’s the type of loan where amortization is going to be the way to pay it off.

On the other hand, a consolidation loan is a loan that is used to settle or to pay off other kinds of debt. Consolidation loans could be secured but in most cases, these types of loans often go without security or collateral.

Last but definitely not the least is a revolving loan. This is the type of loan where the borrower would use an amount, then when paid back, it can be used again. Credit cards and lines of credit are some of the examples of it.

The Best Option

When it comes to unsecured loans, there’s no best option – it’s solely going to depend on what the funds will be used for. They have their own specialties and there’s no specific detail as to what makes them stand out from the rest.

And if you need any of these unsecured loan types, you can work with us here at Business Funding Team. We’ve been helping businesses, startup ventures, and even regular employees in acquiring funds through unsecured loans.

We offer all these types of unsecured loans and they’re enjoyed by our clients. Though we have higher interest rate than other institutions like banks and credit unions, we release the funds in a timely manner!

Why Go With Us?

Other than our more considerate interest rates, clients also love the fact that they can apply for any of our loans over the Internet. They need not to go elsewhere to apply; it can be done from where they are as long as they have an Internet connection!

With Business Funding Team, you’ll be able to secure the funding you need fast and easily! And you can enjoy a lot of the other perks we offer, too!