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GIFA Exchange: What Exactly Is An Unsecured Loan?

Yee Xin Tan / Alamy Stock photo. Unsecured personal loans are an agreement or contract between you and the lender. You are allowed to borrow...

Yee Xin Tan / Alamy Stock photo.
Unsecured personal loans are an agreement or contract between you and the lender. You are allowed to borrow the money (crypto) on the basis that you agree to pay back your unsecured loan within the timeframe (5 years) you’ve promised.

GIFA Business Group allows you to get credit without having to offer up any assets, such as your car or your house, as collateral. You can choose to avail of an unsecured loan from GIFA Business Group and use the funds to manage your small and big expenses. Borrow up to $100,000 and repay the loan amount over convenient tenors of up to 60 months. 

What is the difference between secured and unsecured loans?

A secured loan is backed with collateral and the lender holds a claim to recover the principal amount if the borrower defaults. Conversely, an unsecured loan is not backed with security and is extended based on the borrower’s creditworthiness. In case of default, the lender can take legal assistance or approach financial agents for recovery. 

  • Interest rate: This unsecured loan comes with an interest rate of 3% per annum.
  • Credit amount: The loan amount started from $10,00 to $100,000 and upward.
  • Tenure: Repayment can occur in installments. Usually, the maturity tenure is 5 years.
  • Instant approval: 24 hours disbursal with a quick approval process.

Could I get an unsecured loan?

That all depends on you and your personal circumstances. Even though unsecured loans don’t require you to offer any security, the lender still has a legal right to get repayments. You stand more chance of getting an unsecured loan if you:

Every financial institution always checks the creditworthiness of the borrower before offering the loan. A creditworthy borrower will minimize the chances of default on repayment. The requirements are listed below:

  • Character: Credit institution checks whether borrowers have a history of default. Although eligibility varies with different lenders, a higher credit score could qualify you for the loan.
  • Capacity: The lender checks whether the borrower has the financial capacity to pay off the loan.
  • Uncollateral: No security pledge is required to secure the loan. 

What can I use my unsecured loan for?

Lenders will typically ask what you want to use your loan for. Usually, people borrow when they can’t afford to pay for things with one lump sum, including:

  • To fund business development. 
  • Funding investment opportunity
  • Going on a holiday trip and settling other miscellaneous personal needs. 
  • Debt consolidation paying off your existing debts.

How long can I borrow for?

This unsecured loan is typically for 5  years period, generally speaking, the longer you borrow, the lower your monthly repayments will be - but the total amount you have to pay back will be more. This is because you’ll be paying interest for longer.

When comparing GIFA Business Group's loans with other credit providers, this is an excellent loan that will allow the borrowers to pay it back. By inputting different options, you can work out the best option for you. If you want to borrow a large amount of credit let's say $50, 0000 for a 5 years period, this could lower your monthly repayments. It's up to the client, actually to consider whether an unsecured loan for the long or short term is the best option.

How to apply for an unsecured loan? 

GIFA Bussiness Group's existing customers can request credit without applying, simply by contacting directly the company to check your pre-approved offer and get the loan you need. The new applicants can also apply for the loan by filling up a simple application form online.  Applying for an unsecured loan online is quite simple. If you need an unsecured loan today, please click on 'Apply Online' to begin. Below are a few steps; you may follow to start your application:

  1. Hover the cursor to the application link (
  2. Click on it to open our easy application form. 
  3. Enter your personal details, and contact information. 
  4. Enter the loan amount you are eligible for and select the amount you wish to borrow 
  5. Submit the application online.
  6. The support team will contact you and guide you on the next steps. 
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