What are unsecured personal loans that can be used for marriage?

An unsecured personal loan is not secured by any collateral. As a result, unsecured loans are a high risk for financial lenders.

Common examples are credit cards, student loans and payday loans. Here are several types of unsecured loans that can be used for marriage.

A personal loan is money that you borrow from a financial institution. You receive a lump sum cash payment and have to pay off the loan in regular monthly payments.

A credit card is a line of credit that you can use to make purchases. You must make at least the minimum payment every month.

Peer-to-peer (P2P) loans, also known as "social lending" or "crowd lending", are loans from other individuals. Financial institutions are cut out as middlemen.

Payday loans are short-term high-interest loans that are usually in a single amount due on your next payday.

Currently, 37 states regulate payday loans due to the high cost. A typical two-week payday loan can have an annual percentage rate (APR) of up to 400%.

In comparison, credit card APRs can range from 12% to 30%. Payday loans should be seen as a last resort.

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