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If you are in search of an unsecured loan, you can rest assured there are such types of loans out there for everyone who wishes to avail. However, you need to know first what an unsecured loan is so you can be able to know exactly what you are getting yourself into. An unsecured loan therefore, as the name would suggest, is a loan that is not secured, or backed by any collateral. Usually loans will be backed by some form of collateral such as a car or property, but an unsecured loan is backed by your merit (read your credit record).

While there are unsecured loans out there available, they can be very hard to secure when compared to the process involved in a secured loan, because of the simple fact that when applying for a secured loan, you are in essence putting something up as collateral to guarantee your lender of repayment. Finding a bank or lending institution that will trust you entirely based on your merit is like finding a needle in hay stack, especially in such a tough and unpredictable economy that we live in today.

With that being said, if you are planning to apply for an unsecured loan, you should make sure that you have an excellent credit rating. If you don't have such a credit rating, your best course of action would be to either give up your loan altogether or work towards cleaning your credit record before you start to apply again for an unsecured loan. But exactly how do you clean up your credit record and how long will the process take?

To get started, you need to request for a record of your credit record and start from there, looking for whatever entry that needs amendments done. Also, you can start to call your debtors and request if you can make a new and easily manageable payment plan. You can even opt to consolidate all your previous loans under a single loan so you can make the loans easily manageable and have a new and affordable monthly amount to be paying. If you really need to get an unsecured loan, by taking such measures, you will be able to increase your odds of getting approved of your application.

If say the deal isn't coming through as you expect and it is taking you significantly longer to get approved for the loan, and maybe you are looking for a few hundred dollars to see you through a pressing situation, you are better off with a cash advance which allows you to repay the advance loan in a fraction of the period it would have taken you to get approval of the unsecured loan.