Unsecured loans have the fastest approval rate on the loan industry. There are even unsecured loans that can be approved within less than 24 Hs. Some loans require credit checks but others don't. And even those who do, are processed really fast as opposed to all the bureaucratic and time-consuming paperwork that is required for secured loans' approval.
Credit Check and No Credit Check Unsecured Loans
There are both unsecured loans with credit verifications and those that require no credit checks at all. The lack of collateral implies that the risk involved for the lender in the financial transaction is high and thus, a low credit score can be an obstacle for approval. That's the reason why credit verifications are important on most unsecured loans. However, the process is very quick and simple which stands out against the verification process of secured loans that takes some time because the property's documentation has to be checked also.
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24 Hs. Loans are unsecured loans that require no credit check at all and are processed within a day. The only requirements for approval are proof of a steady job or other income and a bank account where the money is deposited after loan approval. However, these are short term loans that have to be repaid within a month or two at most.
Regular unsecured personal loans have also short approval processes. Though they are not as fast as 24 Hs. loans, they are still processed in just a couple of days so you won't need to wait as much as with secured loans. The longer approval process is due to the higher loan amounts that regular unsecured loans feature as opposed to 24 Hs. loans which only offer small loan amounts that never exceed the couple of thousands.
Requirements For Approval
Besides credit verifications which may or may not be needed depending on the type of loan you apply to, there are also income requirements that you'll need to meet. Basically, the lender will want to know that you can meet your obligations without having to make sacrifices in order to do so. As unexpected expenses always take place, the loan's monthly payments must not exceed your ability to repay the loan and face your regular expenses. Moreover, there must be room for other non-budgeted expenses too, just in case.
Thus, most lenders require that the loan's installments don't exceed 40% of your available income at the time of applying for the loan. This is especially true for unsecured loans since the risk of default is higher due to the harsher loan terms. Besides, since the lender doesn't have the additional guarantee that collateral provides, it must be extra careful to avoid losing his investment.
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