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An unsecured loan is a loan that is not backed by collateral. Also known as a signature loan or personal loan.

Unsecured loans are based solely upon the borrower's credit rating. As a result, they are often much more difficult to get than a secured loan, which also factors in the borrower's income. An unsecured loan is considered much cheaper and carries less risk to the borrower. However, when an unsecured loan is granted, it does not necessarily have to be based on a credit score. For example, if your friend lends you money without an

Tenant loan is unsecured form of personal loan which can be availed by non-homeowners, tenants or students. The amount availed from this loan can be used for various purposes.

There may be those Island residents who want to take advantage of the energy savings with a solar water heater - but can't afford the initial investment.