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What is meant by an uncollateralized loan?
I was talking to my friends about car loans, and they kept saying I wanted an uncollateralized loan. What’s the definition of an uncollateralized loan?
Olivia Rose · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Well, we certainly don’t blame you for not knowing that term—and we’d guess there are many people out there in the same boat!
An uncollateralized—or unsecured—loan is a loan that does not require collateral (or assets) to back up the loan amount. It means that the lender is only using your credit score and your word to verify that the loan will be repaid.
You’ll want a minimum credit score of 610 to try to qualify for an unsecured loan—though many lenders will want a score that’s even better.
Not sure what your credit score is? Many popular credit card companies allow you to check your credit score for free.
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