Online Unsecured Loans. How to shop for them?

Posted on: April 30, 2020
Online Unsecured Loans. How to shop for them?

Unsecured or so-called uncollateralized credit products are engineered as cash advance loans, where the provided amount is guaranteed neither by backed assets nor by assigned guarantors. These are pretty easy to access instruments to support borrowers that possess no valuable assets or do not want to jeopardize them in a legally binding agreement.

Why do Borrowers prefer Collateral-Free Loans?

Have you ever heard about the Loan to Value Ratio (LTV)? This is the main method to compare the requested amount's volume with the offered collateral market (or liquidity) price. In other words, lenders need to understand the coverage ratio and decide whether it is sufficient to compensate for the lost resources in the case of non-repayment.

Evaluation and Insurance of Assets  

Here comes the first drawback that most borrowers can potentially come across: a customer needs to evaluate his/her collateral (usually must be done whether by the lending institution or by third-party specialized companies) and pay for the insurance.


The next and actually the most notable reason why customers prefer unsecured loans is the quickness of services. As described above, if you want to shop for secured loans, you need to be ready for more expenses, but you also need to pay attention that all these procedures take time, and you have to wait for a longer period.

Less Risk

We know that nothing in this life can be for sure, as today you may have a million dollars, but tomorrow you can walk around with empty pockets. The same mindset is completely applicable while you need to trade for secured loans, as once you fail to repay your debts, you may lose your assets. However, once you pledge nothing in the exchange of funds, you literally have nothing to lose except your credit score and reputation. 

Online Unsecured Loans Backed by No Assets

If you are a person who wants to get quick cash advances without putting up any collateral, services supported by lender-connecting platforms may be in your interest. The choice of online uncollateralized loans can be a much better solution than requesting a credit in person. Firstly, you can initiate your request via the internet whenever and wherever you want. The second advantage is mainly linked to the availability of different credit products. For instance, Shinycash offers three different products on a collateral-free basis: payday express advances, installment loans with direct deposits, and personal loans with high approvals.

Disclaimer: Please be informed that our website is not a lender of funds; we only act as a linking intermediary that connects fund seekers with a licensed host of third-party lenders.

How to request Unsecured Loans from Direct Deposit Lenders?

Usually, borrowers do hold two options to get unsecured loans remotely: rely on lender-connecting platforms or try to find a lender on their own. As soon as your ultimate choice stops on the first variant, ShinyCash can be the best option that provides you with appropriate directions. 

Our platform supports absolutely simplified and hassle-free processing. You need to move to the home page and start your credit request form. Firstly, you need to understand whether you need long or short-term obligations and choose between small emergency payday loans and personal/installment credits.

However, before submitting your credit proposal, you are strongly advised to review the eligibility requirements that are too easy to comply with. As soon as you are done with your request, our automated system can send your offer to online lenders cooperating with our platform. Please note, once you get approved, you are not obliged to take the funds in cash or wait for a long while, as a direct deposit will be transferred into your bank account upon the credit confirmation.

Online Uncollateralized Loans for Bad Credit

How to find a lender that can provide unsecured loans irrespective of the borrower's bad credit score? It doesn't seem easy. Nevertheless, there is nothing impossible if you clearly know the possibilities.

In similar cases, you need to request funds from bad credit lenders, with whom you may get connected again through Actually, the processing of bad credit requests is nearly the same as the usual proposals, but there can be notable differences between the offered terms. Most of the bad credit lenders employ higher APRs, and it is pretty normal as they are dealing with a risky contingent. However, it never means that you have to be offered incredibly higher interest rates that do not comply with market prices.