What is unsecured borrowing?


[MUSIC PLAYING] What is unsecured borrowing? U.S. Bank offers two forms
of unsecured loans– the Premier Loan and
Premier Line of Credit. Unsecured simply means there
is no collateral required. Because of this,
the rate and terms might be more stringent
than a secured loan, but the application
and approval process is typically much quicker. The Premier Loan is best for
a one-time financial need, like if you’re purchasing
an expensive item or doing a project where you
know the entire cost upfront. You receive the
money in a lump sum, and the fixed monthly
payments begin soon, often within a month. These predictable payments
may help you plan your budget. The Premier Line
of Credit is best when you’d like ongoing
access to available funds, for situations like when
the entire cost of a project is not known at the
beginning or if you want the security of having funds
available for consolidating debt or emergency expenses. Instead of receiving
the money in a lump sum, you can use portions of
the credit as needed. And you pay interest only
on the amount you borrow. It’s different
from a credit card because it typically
has a higher credit limit and lower interest rates. And its interest rate will
be the same for purchases, transfers, and cash advances. This, along with the
variable interest rate, means that the minimum
payment may change each month. You can access the funds
via checks, a Visa Access Card, ATM withdrawals,
or transfers to your checking account. These unsecured loans are
available only for U.S. Bank customers, and you can
usually get a quick decision, getting you access to money
in a few days or less. Learn more at
usbank.com/premier.

One comment on “What is unsecured borrowing?”

  1. Marty Masters says:

    I've been a U.S. Bank customer since 1998 which I was 17✌️❤️🙏

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