Unsecured Loan

Written By Minh Tong
Jan 30, 2023
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An unsecured loan is a loan that is not backed by collateral. This means that the lender does not have a claim to any specific assets of the borrower in the event of default. Instead, the lender relies on the borrower’s creditworthiness and ability to repay the loan.

Examples of unsecured loans include personal loans, credit card loans, and student loans. 

Personal loans are typically used for a variety of purposes, such as consolidating debt, paying for home improvements, or financing a wedding. Credit card loans are extended by credit card companies and can be used for anything the cardholder chooses. Student loans are used to help pay for the cost of higher education.

Unsecured loans are typically offered to individuals with good credit history, as the lender is taking on more risk by not having collateral to fall back on. As a result, the interest rates on unsecured loans are usually higher than those on secured loans.

The application process for an unsecured loan usually involves a credit check and an assessment of the borrower’s income and debt-to-income ratio. The lender may also require proof of employment and a list of current debts and assets.

One of the advantages of an unsecured loan is that it is typically easier to qualify for than a secured loan. Additionally, unsecured loans can be a good option for borrowers who do not have assets to use as collateral or who do not want to put their assets at risk.

However, unsecured loans also have some disadvantages. The interest rates are typically higher and the loan amounts are generally smaller than secured loans. Additionally, if a borrower defaults on an unsecured loan, the lender may seek legal action to collect the debt, but they do not have any assets they can seize.

Unsecured loans can be a good option for borrowers who do not have assets to use as collateral or who do not want to put their assets at risk. Speak with an Americor professional today about your best options to obtain an unsecured loan.


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Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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