An unsecured loan is a loan that is acquired with only the backing of your signature on the contract. It is sometimes called a good faith loan because the lender is giving you a loan based upon the good faith that you will pay them back.

This means the lenders risk is higher when issuing an unsecured loan, versus the risk associated with a secured loan. Higher risk means a higher interest rate as well as more consideration being given to the borrowers past credit history. Usually an unsecured loan is used by people with good credit that do not want to tie up collateral or those with "not so good" credit that have no collateral to use as security.

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LOANS SECURED ON YOUR HOME THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. 12.8% APR Typical Variable