Have a good credit score, need quick money? Opt for unsecured loan

Since the interest rate is high and the loan tenure short, evaluate your repayment capacity carefully

The Reserve Bank of India (RBI) recently asked Indian banks to be vigilant about their retail portfolios, particularly the rapidly growing unsecured loan segment. While unsecured loans -- such as personal loans and credit card loans -- provide quick access to money when it is urgently needed, they also carry risks for borrowers.

Borrowers who can’t offer collateral have to take recourse to an unsecured loan. “They are a good financing option for people who don’t want to offer collateral. If you are in need of an urgent cash loan without documents, unsecured loans could be your go-to option. You