What is an Unsecured Loan | FAQ - Quick Consolidation Loans

What Is An Unsecured Loan?

An unsecured loan is a loan that is issued and supported only by the borrower’s creditworthiness, rather than by any type of collateral. You obtain an unsecured loan without the use of property as collateral for the loan.

You typically need to have a good credit history and solid income to be approved for an unsecured loan and not have been blacklisted. The loan amount might be smaller since credit providers don’t have any collateral to seize if you default on payments. This will also mean you will be able to back the loan faster if it is a smaller amount.

At Quick Consolidation Loans you do not need to own any assets, such as a home or vehicle to apply for an unsecured loan. We at Quick Consolidation Loans use different methods to grant loans to our clients.

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We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.