Credit MagazineUnsecured loans, quite the opposite, don’t require any collateral to be pledged by the borrower. To offset added risks lenders sometimes restrict the quantities and durations on unsecured loans. Additionally, the interest rates are higher, generally by a number of percentage points. Loans are typically underwritten for quantities ranging between $1,000 and $25,000 and phrases of 1-5 years. In case of a perfect credit history some lenders are in a position to prolong phrases up to 10 years on unsecured loans. While such loans might serve no profit to homeowners, they are good for renters and college students who don’t …