About Unsecured Personal Bank Loans

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Unsecured personal bank loans, also called signature loans, are secured only by the borrower's promise to repay. Find out why unsecured personal bank loans often come with high interest rates with help from a financial planner in this free video on personal loans and money management.

Part of the Video Series: Personal Loans & Financial Instruments
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Video Transcript

Hi, my name is Bill Rae. I'm with HBW of Florida. I've been in the finance field for well over 20 years, and have helped many people with their personal finances. Today, we're going to talk about unsecured personal bank loans. Well, those are also called signature loans. The place, obviously, to apply for the one is at your local bank. If you have a relationship with your bank, that's generally the best place to start. Signature loans or unsecured notes basically is a...is a loan, simply secured by your promise to repay. There is usually no collateral, no real estate. However, do understand that an unsecured loan sometimes -- and in most cases -- will carry a higher price tag, meaning your interest rate will be slightly higher than a secured rate. Not always, however. A lot of things are involved in that decision-making process, such as how good is your credit? How long have you been at the institute in which you're working with? Talk to your local institute, see what they have to offer, then shop around. You would be surprised that even in today's environment, there are many places that you can still get good loans. But as in all instruments, please make sure that you've read carefully, understand the terms and all costs associated with getting a note. And please pay it off promptly, if not sooner. My name is Bill Rae, I'm with HBW, and I'm helping you build wealth.


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