Signature Loan

A signature loan is not your typical secured loan which requires that you sign over some form of collateral (assets) in order to guarantee the loan request. A signature loan is offered when you present a signed activation letter. There is no co-signature necessary, only the signature of the borrower. Often, this type of loan is referred to as a character loan.

Unfortunately, because this is a unsecured loan, the rate of interest will be higher and the period of this type of loan is greatly reduced.

A good credit history is probably the best way to secure a signature loan. If this is a problem, it may come down to negotiation and even higher interest rates.


The maximum allowed for a signature loan is $10,000, while the minimum is $1,000. For loan amounts up to $5,000 your monthly payments are $100 per month or $50 bi-weekly. If the loan is greater than $5,000 the monthly payment is $200/month or $100 bi-weekly.

There are no restrictions on the usage of a signature loan. This loan may be used for any private or professional need be it a car purchase, consolidating your debts, fixing your home, or taking a holiday.

The ability to acquire a signature loan doesn't seem to be a big problem. With American families averaging $12,000 in debt the market for lenders is in heavy competition to get your business! It will do you well to research the many companies offering a signature loan and comparing them for the best offers.

Most lenders will request information on the employment status, income and credit card history in order assess the borrower, however, conditions will vary from one lender to another.

You can find many companies offering a signature loan application online. Once your request is approved money is quickly transferred to your personal account. Using the internet to research saves time and offers more comparison!

Because these types of loans are short-term, it is best to analyse the repayment schedules. Don't lock yourself in unless you can handle the payments. and ask as many questions as is necessary until you are satisfied with the arrangements.