Unsecured loans as the name suggests, do not come with any security or safety. People do not always need money for properties or buying a house for themselves. That is when the personal loans come into the picture. What is a personal unsecured loan? The terms can be explained better if broken down into two.

It is fast and easy. It is the most convenient loan option for people with poor credit scores looking for short-term loans. Any amount between $500 and $15,000 is instantly approved online with no credit checks. Basically, loans that are personalized based on individual credit ratings and credit history, instant loans online are available for borrowers any moment they need financial help.

An unsecured loan is a loan approved and supported only on the basis of the borrower’s creditworthiness without the need for collateral. In this type of loan, a borrower does not pledge any property (such as a house or a car) as collateral for the loan which is a generic method of reinforcing security for a lender providing the loan.

Hard Money Loans is an asset-based financing where the loan is given to a borrower, by securing it with his property. Hard Money Loans are issued mainly to investors or companies. While traditional loans are taken for 15-20 years, hard money loans are an alternate way of funding and have a period of 1-3 years.

Payday loans are convenient short-term loans that can be taken to cover sudden or unexpected expenses between paychecks. Payday loans are now ubiquitous online and it is easily available for people through various online providers. Generally, payday loans are more expensive and have high interest rates as they are unsecured.

A same-day cash loan is a payday loan which is made available on the same day without a thorough checking of the borrower’s creditworthiness, his motives or his personal life. Consequently, these loans are available in small amounts, usually from $50 – $1,000 and it is generally encouraged to issue them in case of dire emergency.