If you go for Unsecured Loans which are short term loans and have no attached guarantee. The lender does not hold the debt for the lender and the debtor does not have the right to collect on it. Unsecured loans are used to finance a lot of small personal expenditures, such as your cell phone, to a small business, to a business that you intend to buy, to your college education, etc.
The following table will give you a general idea of how the interest rate on a secured loan compares to an unsecured loan.
Note that interest on a secured loan is taxed, and that a secured loan often has a shorter term.
Loans Amount Annual Rate Unsecured 1 year term up to $120,000 $10,000 secured loan with a term of less than one year $5,000 unsecured loan with a term of one year or less $5,000 Unsecured 1 year term up to $50,000 $500 secured loan with a term of less than one year $1,000 unsecured loan with a term of one year or less $1,000 Unsecured 1 year term up to $20,000 $500 secured loan with a term of less than one year $1,000 unsecured loan with a term of one year or less $1,000, if you want to go for the best short term loan company you can go online to find good resources at this.
NOTE: See also Note 6.
- The application form must:
a. include an explanation of the terms and conditions of the loan; b. contain a statement of the interest rate and the total loan amount; and c. be signed by the person applying and by the loan originator. Note: A statement of interest rates and amounts does not constitute a waiver of the application form’s non-disclosure requirement. 5. The application form must be in writing and dated not less than 30 days before the due date of the application. 6. The application form must state that the loan originator will not contact the applicant or her/his representative unless the applicant states that she/he will be the loan originator’s representative, or that a representative has been designated by the applicant for the purpose of answering questions regarding the loan or loan application. 7. The application form must state that the applicant will be given the opportunity to verify that the loan originator is the borrower’s authorized representative before any communication with the applicant is authorized by the application form. 8. The application form must state that the applicant must complete and sign the form upon application and upon delivery of the application to the loan originator. The application form shall contain all information the Department has required from the applicant to verify eligibility for the credit agreement. 9. Upon receipt of the completed application, the loan originator must send a copy of the application to the Department within thirty (30) days of receipt of the completed application and shall notify the applicant in writing of the date of delivery. A completed application and its accompanying paperwork shall be returned to the loan originator no later than the deadline listed on the applicable loan originator’s application for the credit card. The return receipt showing the date of delivery shall be filed with the Department no later than fifteen (15) days from the date of the application and all materials are subject to inspection by the Department upon the request of the Department.