How Can I Get an Unsecured Loan?

An unsecured loan is a convenient way to borrow money.

An unsecured loan is a convenient way to borrow money.

Dealing with unexpected expenses can be a challenge, but it's something that most couples will face at some point. When you don't have enough cash on hand, taking out a loan can help you stay afloat. An unsecured loan is an one option if you only need to borrow the money for a short period of time. This type of loan doesn't require any collateral, but you may have to meet other requirements established by the lender.

Determine how much money you need to borrow and how quickly you can pay it back. Certain types of loans, like payday loans, are designed to be repaid within a matter of weeks, while bank loans may offer longer repayment terms. Go over your budget to figure out how much you can afford to pay on a regular basis to get the loan paid off as quickly as possible.

Check your credit report to get an idea of what your options are in terms of lenders. You can get an unsecured loan through a bank or credit union, but you'll generally need a good credit score to qualify. If you have less-than-stellar credit, you may only be able to get an unsecured loan through a payday loan company.

Compare loan terms and interest rates from different lenders. You can research lenders online or visit banks, credit unions or payday lenders in your area. When going over the loan terms, pay attention to what fees you'll be charged, the interest rate and how it's calculated, and the length of the repayment period.

Complete an application with the lender that offers you the best terms. If you're applying for an unsecured loan with a bank or credit union, you'll need recent pay stubs, a copy of your photo ID and your Social Security number. You may also be asked whether you rent or own your home and what your monthly payment is. Payday loans require no credit check, but you'll still need your ID and proof of income to apply.

Choose how you want to receive the money if you're approved. Depending on the lender, you may be able to get the loan deposited directly into your account.

Items you will need

  • Proof of income
  • Photo ID
  • Bank account information
  • Copy of your credit report


  • Consider applying for a secured loan from your bank if you own a car or other valuable property that you could use as collateral. Secured loans tend to have lower interest rates and longer repayment terms than unsecured loans.
  • Having your spouse co-sign for a loan could improve your chances of getting approved.


  • Payday loans are notorious for having excessively high interest rates. If you end up rolling the loan over instead of paying it off, you could end up owing significantly more than what you originally borrowed.

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About the Author

Rebecca Lake is a freelance writer and virtual assistant living in the southeast. She has been writing professionally since 2009 for various websites. Lake received her master's degree in criminal justice from Charleston Southern University.

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