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Viva Payday Loans > Best Unsecured Loans Online in the USA

Best Unsecured Loans Online in the USA

If you’ve been overlooking the convenience of unsecured loans online, it’s time we brought your attention to it!

In certain months, it’s difficult to keep up without borrowing money from loved ones or scouring the internet for the best unsecured loans available. It may feel like you’re working your hardest and doing what you can to make ends meet but then an unexpected expense or emergency crops up, and your finances become something of an epic battle.

Perhaps your refrigerator stops functioning, or your child’s in need of a new pair of school shoes. Cars break down, tires run flat, appliances malfunction, and your spouses’ birthdays sneaks up on you. Then what? While some people have a rainy day fund to dip into, the majority of the population does not, and that’s where unsecured and short term loans come in.

What do you do when you’re struggling to make ends meet due to a few unexpected or emergency expenses? Unsecured loans immediately come to mind, but who would lend the money to you? The traditional bank loan appears to be aimed at people who do not require financial assistance, and asking family and friends for money is simply awkward.

 Occasionally, the only option is to seek out a lender that offers emergency unsecured loans that are quickly approved and quickly paid out. Naturally, numerous lenders choose from and contacting each one can become costly, time-consuming, and discouraging.

At Viva Payday Loans, we eliminate the hassle and guesswork associated with the process. By completing a single application form, we connect you to a panel of some of the best unsecured loan providers in the United States. Before we begin, let’s determine whether an unsecured personal loan is a financial product you require.

What Are Unsecured Loans and How Do They Work?

Unsecured loans are quick, convenient solutions for when you need to borrow money fast. Theyre a type of alternative financial service in which you can obtain a quick cash loan to cover unexpected expenses, emergency expenses or get you through a rough period. These loans are typically unsecured and have a short repayment period, but they can be secured as well. Additionally, they are referred to as cash advance loans or ‘payday loans’ because they typically involve an advance of a portion of your next paycheque. Often, the loans duration will correspond to your payday schedule.

There is a wide range of unsecured loans available.   You may hear them referred to as ‘fast cash loans,’ ‘quick cash loans, “speedy cash loans,’ ‘signature loans,’ or ‘instant cash loans,’ due to the speed with which cash loans are approved and funded. Whatever you call them, quick cash loans all have one thing in common: they are exceedingly convenient.

Numerous lenders now offer same-day easy cash loans online. You apply for a loan online, sign a contract with the lender, and within hours, you receive a direct deposit into your bank account. Generally, lenders will calculate the loan principal as a percentage of your short-term income and in accordance with applicable state regulations.

Unlike traditional loans, unsecured payday loans do not require a good credit score or collateral. Consider them to be cash loans for people with bad credit because, in most cases, credit scores or credit reports are not required as part of the loan process. Even if you have a bad credit score, you can obtain an unsecured loan. All you need is a bank account, verification or proof of income from a job or other source, valid identification, and identification that verifies you are at least 18 years old.

Unsecured loans are typically for small amounts with terms ranging from two to twenty-four months. The majority of states have usury laws in place to protect consumers and limit the amount of interest charged on unsecured personal loans. The current rate is between 5% and 36% and is typically determined by factors such as creditworthiness and income. All lenders prefer to work with individuals who have excellent or good credit scores, and you will almost certainly qualify for favourable terms if your credit score is in good standing. At Viva Payday Loans, you can obtain cash loans ranging from $100 to $5,000 that are repayable over two to twenty-four months at an interest rate of 5.99 to 35.99 per cent.

Remember to factor in the costs of cash loans, as different lenders have varying terms and fees. Prior to entering into a loan agreement, the federal Truth In Lending Act requires lenders to disclose their finance charges and the actual cost of a cash loan to you. Costs must be disclosed in terms of both the fee charged and the annual percentage rate (APR) to enable you to compare lenders and other forms of borrowing easily.

Although unsecured cash loans are more expensive than traditional loans, they are an excellent option if you require money urgently and have limited resources to obtain it. This is especially true if you have a solid, clear, and reasonable plan in place for repaying the loan within a reasonable time frame.

Types of Unsecured Loans

You can find different types of unsecured loans at Viva Payday Loans.

Unsecured Loans Meaning

The unsecured loans meaning is loans that don’t require you to provide any asset as collateral to get approved. The lender has to trust your intention to repay and base the loan’s approval on your affordability. Such affordability is determined by comparing your monthly income to your monthly expenses.

Lenders will also look at your credit history to determine how you handle your finances. Unsecured loans feature more risk for lenders because no asset is tied to the loan that can be repossessed or sold if you fail to repay. Consequently, they’re designed to be small cash injections that are repaid quickly. However, some unsecured loans can feature extended repayment periods.

At Viva Payday Loans, we’ll connect you to lenders who offer from $100 to $5,000 with repayment periods of either 7 to 30 days or 2 to 24 months. Remember, failing to repay unsecured loans comes with consequences, including prosecution and a bad credit score that can limit your borrowing options.

Unsecured Loans List

Different types of loans fall under the unsecured loans category. These include:

Unsecured Loans Online

Thanks to the digital revolution in the world of loans in America, you can quickly borrow unsecured loans online. Viva Payday Loans allows you to borrow unsecured loans online through an easy online application process.

The entire process takes place online, from loan requests and approval to funding. You get feedback within two minutes after submitting your application and don’t have to wait long to know whether your loan request is approved.

Unsecured Loans Vs. Secured Loans

There are a couple of differences when comparing unsecured loans vs. secured loans. Secured loans are the opposite of unsecured loans since they require an asset as collateral to get approved. With secured loans, the risk for the lender is significantly reduced because they can repossess or sell your property if you default or fail to make repayments.

Compared to unsecured loans, secured loans feature lower interest rates, and lenders can advance you higher loan amounts because of the reduced risk. Unsecured loans are your best bet if you don’t have an asset to use as security or simply don’t want to risk it. However, if you need higher loan amounts and better terms, you can choose to secure loans with an asset.

Unsecured Loans With Bad Credit

At Viva Payday Loans, you’ll not be automatically rejected because of your credit history. We’ll freely connect you with understanding lenders who offer unsecured loans with bad credit to anyone who has had a shaky financial past.

Unsecured Loans With Low Credit Score

At Viva Payday Loans, we help people obtain unsecured loans with low credit score get the cash they need when they need it. Instead of focusing on your past financial challenges, our lenders consider your current situation.

Unsecured Loans For Poor Credit

You can qualify for unsecured loans for poor credit, with low, or bad credit scores, provided you can afford the loan based on your current monthly income and expenses. They’re small and easy to repay, making it easy to improve your credit score in no time.

Unsecured Loans For Fair Credit

Lenders love working with borrowers with favourable credit scores because it shows you’re reliable and can handle your finances well. At Viva Payday Loans, it’s super easy to get approved for unsecured loans for fair credit.  

Unsecured Loans For Good Credit

Our lenders are more than willing to offer unsecured loans for good credit and we can connect you with lenders most likely to approve your loan request. You can borrow from $100 to $5,000 with competitive interest rates between 5.99% and 35.99%.

Unsecured Loans For Excellent Credit

The better your credit score, the more favourable the terms regarding interest rates and loan amounts. While our lenders charge anything between 5.99% and 35.99% in interest, you can expect to receive the best possible deal if your credit score is excellent. Choose from loan amounts ranging from $100 to $5,000 and in most instances, loans can be paid out on the same day or next day. Now that’s convenient!

Unsecured Loans For Debt Consolidation

If you’re struggling under the weight of too many debts, debt consolidation can be a way out. It involves combining all your debts or ‘consolidating’ them into one loan for easier management and repayment. At Viva Payday loans, we’ll connect you to lenders who offer unsecured loans for debt consolidation.

Instead of paying multiple creditors each month, unsecured loans for debt consolidation allow you to cover the total debt and make one single payment to one lender monthly. You can borrow from $100 to $5,000 and get repayment periods from 2 to 24 months.

Unsecured Loans For Bad Credit Near Me

Unsecured loans for bad credit are nearer than you think, thanks to Viva Payday Loans. If you’ve been searching for unsecured loans for bad credit near me, then try Viva Payday Loans for the ultimate convenience of borrowing money online from anywhere in the US.

We offer loans suited for the modern American who wants financing options at their fingertips. Instead of looking for storefronts when you need unsecured loans for bad credit, simply download the Viva Payday Loans app or use our website and follow the simple steps to apply anywhere, anytime!

Unsecured Loans For Unemployed

Not being formally employed doesn’t disqualify you from accessing unsecured loans when you need them. Lenders at Viva Payday Loans don’t discriminate, and you can get unsecured loans for unemployed borrowers.

To qualify, you need to show that you receive at least $1,000 in your account every month from an alternate source of income. Our lenders approve unsecured loans for unemployed borrowers with all forms of income, including benefits, allowances, child support, trust proceeds, rental income, freelance earnings, or dividends.

Unsecured Loans Examples

Lender

Amount

Term

Disbursement

Criteria

OppLoans

$500 to $5,000

Six months to 3 years

One business day

  • Have a bank account
  • Live in an eligible state
  • Have a regular source of income
  • Receive income via direct debit

CashNet USA

$500 to $1,000

8 – 31 days

Same day if you apply before 10.30 am

  • Acceptable income
  • Social security or disability relief
  • Live in an eligible state

Unsecured Loans With Cosigner

A cosigner can help you get approved for loans if you’ve found it challenging to get a loan on your own. It involves having a friend or relative cosign the loan with you and act as a guarantor for the loan. Lenders at Viva Payday Loans quickly approve unsecured loans with a cosigner because the risk is reduced.

Cosigners agree to repay the loan if you default or can’t make repayments. Lenders will also offer lower rates and higher amounts depending on the cosigner’s credit history and financial standing.

Personal Unsecured Loans

Personal unsecured loans are a type of installment loan that doesn’t require you to provide an asset as security for approval. Think of them as unsecured loans without collateral where you get a lump sum payment into your account when approved. You then repay the loan amount plus interest over a specific term in installments until you settle the loan.

Unsecured Loans Without Collateral

At Viva Payday loans, you can get lenders who offer personal unsecured loans from $100 to $5,000 with repayment periods of 2 to 24 months. These are unsecured loans without collateral, which means you won’t have to offer any of your valuable assets to secure the loan. Simply choose the amount you need, choose a monthly payment that suits your budget, and follow the simple steps to apply.

Unsecured Loans Without Proof Of Income

Borrowers who are not traditionally employed may find it hard to provide proof of income, and this is where unsecured loans without proof of income come in. These loans are provided by specialized lenders who accept other documents as proof of income.

At Viva Payday Loans, you can access such lenders free of charge! You can use your tax returns, profit and loss statements, or bank statements to show that you can afford the loan.

Unsecured Loans With Low-Interest Rate

You can get unsecured loans with low-interest rates amongst most lenders at Viva Payday loans. You get free access to a comprehensive panel of the best lenders in the US who offer unsecured loans with competitive interest rates between 5.99% and 35.99%.

All our lenders strive to outdo the competition and remain competitive, making it easy to get low-interest rates for unsecured loans.

Features of Unsecured Loans

All unsecured loans at Viva Payday Loans share the following features:

Repayment Schedules

Unsecured loan repayment schedules are typically established on the day you receive your income or are paid. You should be aware that some states regulate the minimum and maximum duration of a loan. Cash loans can be repaid ahead of schedule, and in the event that you miss a payment or default, the lender can credit your account. It is prudent to read the entire agreement, terms, and payment schedule thoroughly. This way, youll be aware of the amount and frequency of repayments required and can assess your ability to pay. You should ensure that you are only taking out a cash loan that you can afford.

Loan Terms

Each unsecured loan has its own set of requirements that you must meet as a borrower. The requirements are typically minimal in comparison to the hassle and paperwork associated with obtaining a traditional bank loan. Its much easier to apply for and get approved for unsecured personal loans because the majority of them do not require a good credit rating. You will, however, discover that different lenders have varying requirements. Each of them has its own set of terms and policies. If you do not meet them, the interest rate may be adjusted to reflect your risk tolerance. The majority of requirements are generally not difficult for a borrower to meet.

Fees Charged

The Consumer Financial Protection Bureau regulates the fees associated with cash loans in the United States (CFPB). It is a government agency in the United States of America that ensures lenders, banks, and other financial institutions treat you fairly. The interest on the majority of unsecured loans is calculated as a percentage of the loan amount. The fee can range from $10 to $30, depending on your state’s law and the maximum amount you’re permitted to borrow, but a fee of $15 is standard. If you are unable to pay on the due date, you may request a rollover, which is permitted by state law. You will only be responsible for unpaid fees, and your loan’s due date will be extended. You will then be charged an additional fee in addition to the original balance.

Many lenders charge the maximum fee permitted, but if you shop around and compare options, you’re likely to find some with lower rates and more affordable packages. Always choose based on affordability and read the contract thoroughly before signing to avoid being surprised by charges and additional fees. Certain lenders may charge fees for late or early payments; therefore, look for lenders who will not penalize you if you attempt to terminate your contract early or accidentally miss a payment.

Loan Amounts

Unsecured loans at Viva Payday Loans can range from $100 to $5,000, depending on the lender. Your credit score, employment history, state laws, and income-to-debt ratio all factor into the loan amount you qualify for. Borrowers with excellent credit scores frequently qualify for larger loan amounts, and lenders will not view you as a higher risk. Monthly earnings also play a significant role in determining the amount you can borrow. Lenders examine your debt-to-income (DTI) ratio to ascertain how your budget will look once a monthly payment is added. Calculate your DTI by adding all of your fixed monthly payments, including rent or mortgage, auto loans, personal loans, and credit cards.

It is generally desirable to have a DTI of less than 36%. The maximum DTI that a lender will accept varies by lender. To qualify for larger loans, it is recommended that you keep it as low as possible. Additionally, it is advisable to borrow only the amount necessary to avoid paying higher interest rates and making lengthy payments that will disrupt your cash flow.

Lenders Reputation

As a result of the economic fallout from Covid 19, there has been an increase in fraudulent loans and lenders in the United States. There have always been predatory lenders. While their tactics may evolve over time, a little common sense and a keen eye will enable you to identify them fairly quickly. You, as a borrower, are responsible for conducting due diligence prior to applying for a personal unsecured loan or signing a contract with a lender. You should verify that the lender youre dealing with has a positive industry reputation and a current credit license in your state. Complete transparency is a quality that a reputable lender possesses.

Be suspicious of lenders who do not disclose all pertinent information or do not include contact information on their website. Always make certain you enter into contracts with reputable lenders. Examine their online presence and reviews from previous and current clients to determine if they have any legitimate concerns or complaints.

Funding Time on Easy Loans

Many borrowers prefer cash loans because they are simple to obtain and quick to repay. In short, they are easy loans.  Many cash loans are disbursed quickly because lenders understand the urgency of obtaining a cash loan. Most lenders will attempt to approve and release funds within hours of receiving your application, but some may take up to 24 hours to do so. Applying for cash loans should be done as soon as possible and on regular business days. Different lenders have different deadlines for accepting borrower applications and agreements. If you are approved and sign and return the contract within the specified timeframe, you may receive a same-day payment. If you require cash quickly, choose a lender that guarantees speedy payouts.

Examples of Unsecured Payday Loans Near Me

Lender APR Loan Amount Min Credit Score Funding Time
ACE Cash Express 399% $200 – $2000 Not Specified Same Day
Avant 9.95% to 35.99% $2,000 to $35,000 580 24 hours
Rise Credit 50.00 – 299.00% $500 – $5,000 None 24 hours

These are just examples.

Advantages and Disadvantages of Unsecured Loans

Advantages of Unsecured Cash Loans

Quick Cash Access

Contrary to traditional long-term loans, which require lengthy application and approval processes, the majority of cash loans are available 24 hours after approval. Cash loans are an excellent option if you are faced with an immediate emergency, such as tooth extraction or a leaking roof. Using Viva Payday Loans will save you time because the loans are funded within an hour, and the application process takes less than five minutes.

Quick Application and Approval

Almost all payday lenders offer online application and prequalification processes that take only a few minutes. Even before you apply, you can quickly check the rates and determine whether you meet the minimum requirements. Applications are simplified because they require only the completion of an online form and do not require proof of ownership or the value of an asset. You receive immediate approval and feedback when you submit your application online.

No Collateral

With an unsecured loan, you are not required to provide collateral for the loan. Lenders will need only your signature and a promise to pay as collateral, and some will disregard your credit score entirely.

Bad Credit Loans Available

With bad credit, you’ll qualify for an unsecured loan from a variety of lenders. The lender will look at your ability to repay or your income level. They will also look at the basic requirements such as age and citizenship. However, lending rates will be higher than they would be for someone with a good credit score, but you will still be able to get a bad credit personal loan.

Flexibility

An unsecured loan can be used for a variety of purposes without the lender imposing any restrictions. A loan, such as a mortgage, will be used exclusively for your home, whereas an auto loan will be used exclusively for your vehicle. An unsecured loan enables you to spend the funds however you wish. However, you should only take out a loan if you are facing a financial emergency and lack the necessary funds. They’re ideal for paying school fees, medical bills, home renovations, and even purchasing furniture and appliances.

Simple Qualification Requirements

The majority of consumers can meet the criteria for approval of an unsecured loan. Numerous lenders require minimal documentation, including your identification, bank account information, and proof of income.

Secure and Convenient

Once your lender approves the loan, funds are transferred directly to your account. This can occur on the same business day or the following business day at the latest. It is recommended that you inquire about the lender’s disbursement time and policies prior to signing the agreement in order to avoid long wait times in the event the cash is required for an emergency. Additionally, lenders are prohibited by information privacy laws from sharing any of your personal information with third parties, so you never have to worry about your privacy.

Qualify for Larger Amounts After Repayment

As a risk management strategy, unsecured loan providers frequently cap the amount they can lend you on your initial application. The majority of lenders will approve loans within the parameters of their lending policy and your income level. After you have paid off your initial loan in full and on time, the lender may increase the authorized amount on subsequent applications. State regulations impose restrictions on the amount of cash that a lender may loan you. Ensure that you thoroughly review the terms and conditions of your loan with your lender prior to committing.

They Protect Your Credit Score

Lenders rarely conduct extensive credit checks when approving cash loans. Each time a lender conducts a hard pull or credit check on your credit, your score falls a few points. Numerous hard inquiries can have a detrimental effect on your credit score. And, as a result, you will be considered a high-risk borrower by the majority of issuers and lenders. Cash loans enable you to protect and even improve your credit score while pursuing long-term financial goals, particularly if you apply for a no credit check loan.

Disadvantages of Unsecured Loans

Expensive

High-interest rates and fees frequently accompany the convenience of borrowing money when you need it without requiring collateral. These fees may include administration, processing, and establishment. Penalties for late payment and prepayment may also apply, so you should carefully review all costs and potential penalties before applying. Certain lenders waive such fees; therefore, shop around for the best deals!

Easy Money Can Lead to Misused Funds

Unsecured loans necessitate both use and repayment discipline. With easy access to emergency funds, it’s easy to misappropriate the funds and succumb to the temptation to purchase unnecessary items or give yourself undeserved rewards. Additionally, you must ensure that you repay on time to avoid incurring high fees and penalties. Avoid taking out multiple cash loans, as this will compound your debt, make repayment more difficult, and leave you with little or nothing at the end of the month.

Eligibility Criteria for Cash Loans

Various lenders will require the following:

  • You must be at least 18 years old.
  • Be a citizen of the United States or a permanent resident with a valid Social Security number or a holder of a long-term visa.
  • Certain lenders will consider non-citizens with cosigners who qualify.
  • Reside in a state where the lender does business. Lenders do not operate in all states, and their loan amounts, interest rates, and terms will vary by jurisdiction.
  • Maintain a permanent mailing address. Some may require proof of residence.
  • Maintain a valid checking account.
  • Be in possession of a valid government-issued identification card.
  • Provide evidence of consistent income.

How to Apply for a Loan | Application Process

Viva Payday Loans collaborates with a variety of reputable and dependable lenders. By applying through us, you ensure that you are connected with only licensed and reputable lenders. Simply follow these steps to apply for cash loans through VivaPaydayLoans.com:

Step 1: Decide on Loan Amount

Determine how much money you truly require and whether you can afford to repay it on time. Consider your income and expenses and determine the maximum payment you can make comfortably. Bear in mind that repayments must fit within your budget, as defaulting can result in significant fees and penalties.

Step 2: Prepare Your Documents

Certain documents will be required to demonstrate that you meet the eligibility requirements and to facilitate your application’s evaluation and processing. You should have the following documents on hand when applying for an unsecured loan with Viva Payday Loans:

  • A government-issued photo identification card.
  • Evidence of income for the preceding three months.
  • Bank statements and payslips are examples of documents that may be included.
  • Bank account information.

Step 3: Complete the Application Form

Viva Payday Loans’ online application form is simple and quick to complete. Simply click the “Apply Now” button in the upper right-hand corner of the screen and complete the online application form in a matter of minutes. You’ll be asked for your personal information, which includes your full name, email address, zip code, the amount you require, and the repayment period. After that, click the “Next” button.

Step 4: Qualify for a No Credit Check Loan

After selecting the appropriate amount and completing the online form, you’ll be asked to provide additional information about your employment status, financial situation, and monthly expenses. This enables us to determine your eligibility for the loan. All information you provide to Viva Payday Loans is kept strictly confidential and will never be shared with anyone other than Viva Payday Loans and your lender.

Step 5: Let Us Find Your Lender

Following receipt of your information, the Viva Payday Loans team will conduct a market search to identify the most suitable payday lender for you. This should take only a few minutes, and you should receive a decision within two minutes regarding whether a loan can be provided. When one of our lenders accepts your application, you will be directed to their website to complete the process. Additionally, you will receive prompt feedback if you are unsuccessful.

Step 6: Agreement and Disbursement

Once a third-party independent lender is connected to you, they will present you with a loan agreement. Begin by reading the contract thoroughly to ensure you understand the terms and fees and that you can afford the loan. If they are acceptable, simply sign and return the form. The lender will then complete the paperwork and deposit the funds into your account. Depending on the lender, you may receive the funds in a few hours or the following business day.

FAQ’s

What Exactly is an APR?

The Annual Percentage Rate (APR) represents the annual cost of interest on the loan. It is expressed in percentage terms and represents the loan’s true cost over its term. It includes the loan’s fees and any additional charges.

What Are Your Options if  Your Loan Application is Rejected?

Your loan application may be denied for a variety of reasons, including a high DTI or unpaid debts. To increase your chances of success with subsequent applications, inquire as to why you were rejected. Additionally, pay down debts to improve your credit score, proofread your application for errors, or apply for a smaller loan amount.

Can I Obtain an Unsecured Loan Despite Having Bad Credit?

Yes. Numerous lenders cater specifically to borrowers with poor credit. The majority of payday lenders do not consider your credit score when approving loans.

Is it Possible to Get an Unsecured Loan if I’m Unemployed?

Yes. Even if you do not have a formal job, you may qualify for an unsecured loan if you have another source of income.

What Happens if I Default on an Unsecured Loan?

Once you’ve defaulted, you’ll begin accruing penalty fees, which can be quite costly, and your credit score will suffer significantly.

When is an Unsecured Loan Considered Defaulted?

Certain lenders will consider you to be in default the moment you miss a payment. Others have the option of waiting a few months before declaring you in default. When you anticipate missing a payment, it’s sensible to contact your lender to work out a more manageable schedule.

Will Unsecured Loans Have a Negative Effect on My Credit?

No. Unsecured loans will only hurt your credit if you default and fail to pay it back. Most cahs loan lenders don’t conduct hard credit checks. In the long run, cash loans can help improve your credit score if you pay back diligently on time.

Is it Possible to Borrow Money Online from Multiple Lenders?

While it is possible to borrow from multiple lenders concurrently, this is not recommended. The high-interest rates will result in multiple costly loans, which can be difficult to manage. Never succumb to the temptation to overborrow.

What Are Usury Laws?

These are state-level consumer protection laws that limit the amount of interest charged on loans by setting a maximum limit.

Is it Better to Apply for Unsecured Loans online or Store?

In comparison to storefronts, online cash loans provide greater convenience and security. You are not required to wait in line, and the funds are transferred directly to your account, removing the risk of mugging. Use payday loan apps to access and manage your finances with even more convenience.