Unsecured Personal Loan is a form of Personal Loan where banks or loan offering companies do not take anything in the pledge from the borrower. It is simply given on application with photocopies of customer's personal documents.
Benefits of Unsecured Personal Loan
Unsecure Personal Loan is better than the Secured Personal Loan for the borrower, because in case of faliur to pay bank the personal loan you will not on risk of losing something like property etc. But you may have to face lega action from the bank.
Drawback of Unsecured Personal Loans:
It is observed that majority of the dafulters of bank are customer of Unsecured Personal Loans that makes a prety much percentage of the total losses of the bank in most of the countries all over the world. Any type of Unsecured Loan is a risk for bank.