A signature loan, also often called an unsecured loan, is backed only by the signature - and good name - of the borrower on a note that promises to repay the loan amount over a set period of time with fixed installment payments.
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Signature loans are not secured by collateral such as a home, car, or other assets and are generally made to borrowers who have good credit or are personally known by the lender. Signature loans may also be referred to as character loans or good faith loans.
When to Consider a Signature Loan
If your credit and financial reputation are sufficient, a signature loan may be a good solution for you when:
- You know the amount of cash you need and want to receive the full amount in an up front lump sum.
- You want to control the overall cost of the loan by borrowing the money on a fixed interest rate that will allow you to have a fixed, predictable payment over the entire term of the loan.
- You want the peace of mind that comes from knowing you aren't putting your home or other assets at risk in taking out a loan.
Signature Loan Options
If you have credit card debts, medical bills, store charge cards, or any other unsecured debt and want to explore other debt relief options, The Debt Relief Center may be able to help you.
It's important to know your debt relief options - so take a moment to list the type of debt you have and the amount of debt you owe, and we'll connect you to a debt relief company that may be able to provide you with a debt relief option that meets your needs.
Start by requesting your free debt relief analysis and savings estimate in minutes. Answer a few, simple questions.