Just the thought of applying for an unsecured personal loan intimidates most people. This is, perhaps, the ironic sentiment a borrower shares in common with the creditor. Though there are real assurances or guarantees between the two parties, plus that you as the borrower present yourself in person and in paper. There is indeed the possibility of you as the borrower neglecting or refusing to pay your obligations toward your creditor who in turn will incur such monetary loss for your having failed to do so. That risk that was taken by your creditor in granting you an unsecured loan without asking for any collateral whatsoever can be replaced by another worth investment, but the loss of trust in you is irreparable. Are you worth the credit risk?
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If you are thinking of going on an unsecured personal loan, you will have to bank on your own creditworthiness. This means your own individual ability to repay your debt and meet all other obligations on time. Can you deliver?
From Where You're Standing
Because an unsecured loan is not backed by any proof of income or any collateral such as property or assets, it will be more difficult for the creditor to collect from you. Your unsecured personal loan will be based exclusively on your credit rating or credit score as the sole borrower. You will be evaluated on the manner in which you have conducted yourself in past transactions with persons or banks and with previous and/or current loan accounts under your name. From there it will be up to the creditor to measure and decide for or against you with a given set of criteria which you have to meet.
Based on your credit history, how likely are you to settle your debt? If the risk will be too high, you may be declined for the loan. If the risk is deemed acceptable, then a loan may be offered and subsequently granted upon submission and compliance with some minimal requirements. So from where you're standing, do you think your credit rating work in your favor?
Maintaining A Good Credit Standing
We can never stress enough the importance of paying your bills on time. It helps to monitor your cash expenses and keep track of purchases made through your credit card. Make it a habit to balance your expenses with your income, setting aside some if you can for regular deposits to your savings or checking account to keep it updated. Above all, without fail, pay your obligations in full and on time, whether you are accountable to an institution as big as a bank or to an ordinary person like a relative or friend. Should you for any reason be unable to pay at a particular moment, act in good faith. Inform your creditor of the delay and come up with an alternative solution for paying back what is due.
As Good as Your Word
Remember that what is at stake is not only the moral reputation you protect as an individual but also the personal relationships you value. Thus, you should conduct yourself in a manner worthy of the credit given you. That in itself is creditworthiness.
Why else would they call an unsecured personal loan as a signature loan? Your good name is your signature. You are only as good as your word, that which you keep.
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