Unsecured borrowing against income, with no asset pledged to the lender.
A personal loan is unsecured, so the lender prices it against your income, employer or business profile and credit bureau score rather than against an asset. Rates are considerably higher than any secured route, tenures are shorter, and approval turns almost entirely on the credit report.
It is genuinely useful for a short, defined need — a medical event, a wedding, consolidating credit card debt that is costing more. It is an expensive way to fund anything that could have been secured against an asset you already own. We say so, place the file with partner lenders when it is the right instrument, and point you to a cheaper route when it is not.
Key features
- No collateral and no end-use restriction in most products
- Pricing driven by credit bureau score, income and employer or business profile
- Tenure commonly one to five years
- Faster processing than secured borrowing, usually within days
- Foreclosure charges and processing fees vary widely between lenders
- Credit card debt consolidation where the personal loan rate is materially lower
Risk disclosure. Loans are sanctioned at the sole discretion of the lending institution, subject to its credit policy, documentation and applicable charges. We facilitate the application; we do not sanction credit. Pyrramid Wealth Distributors distributes this product and does not manufacture it. Nothing here is a recommendation or investment advice.