approved for an unsecured loan

What Does It Mean To Get An Unsecured Loan?

An unsecured loan allows you to obtain the money you need to fund emergencies without worrying about risking your home or vehicle if you cannot afford to pay it back. There's no need to concern yourself with the value of your assets, making it much easier to figure out whether you can qualify for the loan. 

There are lots of different unsecured loans available on the market in the United States of America. However, one of the easiest to get and payback is a payday loan South Carolina.

In the following sections, we will divulge everything you need to know about unsecured loans, their inner workings, and the type you can obtain from us at Carolina Payday Loans, Inc. 

What Is An Unsecured Loan?

You may have already gathered the definition of an unsecured loan from the introduction. But we're going to make it abundantly clear in this portion. 

what it means to get an unsecured loan

An unsecured loan is a loan that you don't need to offer collateral (i.e., a valuable asset) to obtain.

As we mentioned before, there are plenty of unsecured loans out there to choose from, including but not limited to:

  • Personal loans
  • Student loans
  • Credit cards
  • Payday loans

Typically speaking, providers of these loans utilize your creditworthiness to establish whether you can borrow money. However, you'll soon find out that payday loans aren't as consumed by your credit rating as other loans tend to be. 

How An Unsecured Loan Works

Unsecured loans are approved without utilizing assets (e.g., your house or vehicle) as collateral. Generally speaking, the terms of such loans are contingent on your credit score, with those boasting high credit scores bearing more chances of gaining approval. But, as you'll find out a bit later, not all unsecured loans work like that. 

You can consider them the complete opposite of secured loans wherein you pledge an asset as collateral. The pledged assets boost the lender's security (i.e., reduce their risk of lending to you). The most common examples of these loans include car loans and mortgages. 

A Payday Loan: The Easiest Unsecured Loan To Acquire

As promised, we'll go into detail about our payday loan — one of the easiest-to-obtain unsecured loans you'll come across. 

Unlike other loans of this nature, you don't need to have a good credit score to qualify for payday loans. Instead, you only require the following three things:

  • A government-issued ID — Most of our customers use their driver's licenses. But you can choose any document that displays your name, date of birth, and photograph, such as your passport or student ID card. Just note that you need to be at least 18 years old to acquire payday loans. 
  • A blank check — This may go without stating, but it must be linked to an account that is in your name. 
  • Pay stub — Please ensure it's your most recent one so we get a more accurate depiction of your current financial state.

Since we don't run hard credit inquiries, we use your pay stub to figure out whether you can afford the loan. Thus, it must be your most recent one to ensure eligibility. 

You can borrow between $100 and $550 with this type of loan from us at Carolina Payday Loans, Inc. This amount tends to work wonders for people dealing with smaller emergencies like lower medical bills, higher-than-normal utility bills, and minor house or car repairs. 

easy steps for a payday loan South Carolina

Once you've established that you could qualify for the loan, follow the four straightforward steps listed here to get one:

  1. The form comes first — You can start proceedings initially by completing the request form found on this website. Just make sure all your answers are accurate before submitting it so it doesn't impede your progress. 
  2. The phone call comes second — Once you have submitted the form, we will give you a call. This initial conversation is simply to confirm your details, ensure you have all the necessities to qualify for a payday loan from us (which we discussed earlier), and set up a meeting time. 
  3. The face-to-face meeting happens next — Arrive on time to the face-to-face meeting at our closest branch. One of our representatives will greet you before taking a look at your documents to establish whether you qualify. If everything is in order, you sign some forms to confirm that you agree with all the terms and conditions of the loan contract. 
  4. The money comes last — Naturally, the last phase is getting your money! This can come as soon as the same day, but sometimes you may need to wait until the next business day. 

Get A Payday Loan From Us At Carolina Payday Loans, Inc. Today!

If you want to get an unsecured loan to fund an emergency but you don't have a high enough credit score to qualify for traditional loans, a payday loan is an option to consider.

To get started, just complete the online payday loan request form now. We'll be in touch shortly after to help you get you.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.