Signature Loans

Get quick money today using just your signature. Here’s the skinny on signature loans and how to use them responsibly.

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Signature Loans and What They’re Used Forloan

So many loans, so little time. Next up on the list of potential ways to borrow moola are signature loans. These useful tools give borrowers fast access to cash that they can use for virtually anything. Though they can play a huge role in helping you financially, you need to take special care when taking out one.

Continue reading to learn more about signature loans and what they are best for.

What Are Signature Loans?

Signature loans are pretty much what their name says they are: They are loans you can take out just with a swipe of the pen. They were once reserved for borrowers with shaky credit who took out a loan from a bank they had a relationship, but they are now widely available and are available only to those with great credit histories.

Why are they so hard to get? Because they are completely unsecured. The only thing keeping the borrower paying on it is the potential damage to their credit report. If the borrower defaults, the bank has no real recourse but attempt to sue, which is generally unsuccessful.

Signature Loans vs. Personal Loans

In the broad scope, these are one in the same, as signature loans are forms of personal loans. Here are the key differences:

• A personal loan may require collateral
• Personal loans may have restrictions on what you can use them for

What Are the Pros and Cons of a Signature Loan?

While signature loans are not much different from many other loans, there are a few key benefits to them. Here are just a few benefits of getting a signature loan:

• Quick access to funds
• No collateral needed
• Favorable interest rates
• Can use them for anything
• Can get signature loans online or in banks

Like any other loan, there are a few cons to getting a signature loan too, and they include:

• May lead to unnecessary spending
• Nothing forcing you to pay
• Strict credit requirements
• Shorter payment terms

Getting a Signature Loan

As with virtually all loans, you can always go the old-fashioned route and belly up to the loan manger’s desk at the bank and apply for a signature loan. The benefit to actually speaking with a human is they can go through all the terms and put them into easier-to-understand words. Also, a banker may have access to multiple signature loans and can offer you competing rates immediately.

You can also get online signature loans, which generally require no human interaction at all. The benefits to getting an online signature loan include applying in your PJs, the ability to shop multiple loan sites from the comfort of your own home, and not having a commission-hungry banker breathing down your neck while you check if your budget can handle the payment. At the top of this page, you can see companies that we partner with that offer online signature loans.

As we said earlier, though, signature loans come with a lot of risks, so you need to head to the bank with your credit in tip-top shape to get one.

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