An unsecured loan is a type of loan that does not require collateral, such as a home or car, to secure the financing. Instead, approval for an unsecured loan is based primarily on the borrower's creditworthiness, income, and financial history. Unsecured loans are typically smaller in amount compared to secured loans and can be used for various purposes, including debt consolidation, home improvements, medical expenses, or personal expenses. Common types of unsecured loans include personal loans, credit cards, and student loans. Since there is no collateral involved, unsecured loans generally have higher interest rates than secured loans and may have stricter eligibility criteria. However, they offer the advantage of not risking valuable assets in case of default.
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