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Availability of Student Loans With No Security
Many wonder if there are student loans offered with no collateral. There is no simple answer to this question as it really depends on the applicantÂ’s qualifications. There are of course federal loans that require no security and even private loans that do not require security but qualifying for them is not such an easy task.
Thus, in order to know whether you will be able to obtain a student loan with no security you need to know the different loan types offered and whether you meet the requirements needed to get approved for federal or private unsecured student loans. Also, if you can provide collateral to secure a student loan, you should rethink your decision of not doing so.
Federal Student Loans And Private Unsecured Student Loans
Federal Student Loans are student loans subsidized by the government, the interest rate they charge is significantly low since they are meant for promoting education and handled by government agencies with that purpose. The interest rate charged by these loans is even lower than the rate charged for home loans or home equity loans. However, the rest of the loan terms are not so advantageous. Though the repayment program can be long, usually, the loan amount you can obtain through these loans is not good enough to cover all college expenses.
Besides, these loans are awarded according to the needs of the applicant because they are meant to promote education for underprivileged applicants and thus, not everybody can apply for these loans and get approved successfully. Only those that meet these particular requirements of federal student loans should contact the government agencies to obtain further information on these loan programs.
Private unsecured student loans do not require collateral either. Thus, non homeowners can easily apply for these loans. However, the interest rate charged for these loans is usually high. Thus, only those that can afford the monthly payments on unsecured student loans will be able to get approved for them.
Unsecured student loans subsidized by private non profit organizations charge a lower interest rate but suffer the same restrictions as government loans. These loans are either awarded according to the needs of the applicant which excludes those with repayment capacity or according to merit. This last group of loans is meant to promote those who have had an outstanding performance on previous studies and thus, the institution wants to support their career.
Reconsidering Secured Loans
As you can see, getting approved for unsecured student loans is not that easy. So, if you are a homeowner or you have relatives or friends willing to offer an asset as guarantee of the loan, you should reconsider applying for a secured loan as you will get approved more easily and you will also get better terms on your loan including lower interest rates, higher loan amounts, longer repayment programs and thus, lower monthly payments that will be a lot easier to afford. As regards collateral, as long as you make sure you can repay the loan installments there is no reason to fear repossession of the property.
Online Guaranteed Loans Up To $10,000 Available
The news out of Wall Street and Washington is getting worse every day. It seems that our country is headed in a downward cycle financially, and it affects everyone – not just those who own stocks and bonds. The common man on Main Street is feeling the pinch too, as creditors lock up their vaults and hold on to their money, waiting to see what is going to happen next in the financial crisis. There are lenders, however, that offer online guaranteed personal loans for those who qualify.
Lenders Willing To Take A Chance
You may be hesitant to believe that there are lenders who are loaning money right now, but it is true. These lenders are doing business online where they literally have thousands of customers. This means that they have more business than the banker down the street who is refusing to write any new loans during the financial crisis, and thus they have more money to loan. These lenders have a confidence in the ability of the economy to correct itself – and they are willing to take a chance on you.
Loans Of $10,000 Or More
You can obtain an online guaranteed personal loan in amounts up to $10,000 – more in some cases depending on your income and ability to repay the lender. There are a myriad of purposes you may have for cash now in these hard economic times – perhaps you are falling behind on your mortgage or rent payments, or even monthly utilities like electricity, water, natural gas, or even your cell phone bill. Even buying groceries can be challenging due to skyrocketing food prices. Whether you need cash for these expenses, or need to consolidate loans that have gotten out of hand, purchase a vehicle, pay for your education or that of your children – an online guaranteed loan can be the answer to ending your financial worries and headaches.
Apply With Collateral Or Cosigner
To help speed up the processing of your online guaranteed loan, you can pledge collateral that will secure the loan with your lender. Collateral may be in the form of your home or automobile – basically any property that you own and have a clear and legal title or deed that can be submitted as proof of ownership to the lender. Your lender will place a lien upon this property that will be removed once you have paid in full.
Additionally, for those without the benefit of adequate collateral, a creditworthy cosigner can help you speed up your approval. A cosigner can be your parent, relative, coworker, friend, or other individual who has established credit and is willing to make your loan payments if you fail to do so. Most lenders offer an early release option for cosigners that will relieve them from all liability once you have paid on your online guaranteed personal loan for a period of time -usually a year or two.
For those without collateral or a cosigner, there are still many lenders who are willing to loan money for their personal use. By doing a bit of comparison shopping, you can find the perfect online guaranteed loan to help you make it through the hard times that have hit our country.