How Do You Get A Loan With No Collateral?
A loan with no collateral is usually referred to as a personal loan, although it is more properly known as an unsecured loan. The principle is the same as an unsecured credit card–you’re offered a line of credit on the good faith agreement that you will pay it back. A secured loan, on the other hand, would involve collateral (something of value that the bank could take if you fail to pay your loan). Dress professionally, smile, be personable and carry yourself with dignity. Building appropriate rapport with the loan officer can do a lot to help your case. Try to secure a loan in the financial institution where you have a checking or savings account. The fact that you have a history with them will usually work in your favor. If they don’t approve you, you can always inquire at another bank or credit union. Have as much money in your bank account as possible. It’s ironic but true that the more money you appear to have, the more money you can get. You’re more likely to get a loan with no
