Expert view by Maggie Gallagher
Signature Loans

Table of Contents

The law does not require any lender to add collateral to online loans, yet many lenders follow this practice. Loan collateral is a popular form of loan repayment security. This is protection for both the client and the lender. If the debt cannot be repaid for random reasons, the collateral ensures its further repayment. A signature loan is therefore financing that does not require the providing of any security. The only collateral for this type of loan is your signature, which you leave on all documents provided by the lender.

Can you get a signature loan without collateral?

Lenders often require the customer to insure the loan. Especially when the Borrower does not meet all other requirements, e.g. his creditworthiness is not the best. This does not mean, however, that taking out a secured loan is obligatory. The lender is not able to force the Customer to agree to such solutions. This is just one of the possibilities. Of course, you should take into account that the refusal to provide collateral may then be associated with the lack of consent to grant financing on the terms and conditions expected by us.

That is why on the loan market there is such an offer as a signature loan when you provide collateral to the lender, but this collateral is your signature, with which you undertake to repay the loan within the appointed time.

Who can get a signature loan?

First of all, only adults can take advantage of the loans. However, in many banks turning 18 is not sufficient (sometimes the requirement to be 20, 21 or even 30 is required). It is also very important to have full legal acts.

An applicant for a  signature loan must also:

  • have an American ID card (owned and valid),
  • have your own telephone number and e-mail address,
  • have a private bank account.

Signature Loan - required documents

A person who wants to get a signature loan must actually only have an ID card. This is the basic document that opens the way for us to obtain various types of financing, including popular signature loans.

In the loan application, we will simply be asked to enter the data from our ID and sign it. Lenders assume that if we have access to an ID card and we enter data from it, this is our proof. Of course, the truthfulness of the data is checked and fake ID numbers do not have a chance to pass this verification.

However, this is not the only security that guarantees the lender that we are really who we say we are. Otherwise, it would be possible to take a loan for someone, e.g. a loved one, whose ID data we will write down, for example, during her absence at home. Therefore, with all online loans, identity verification is additionally carried out.

In the case of signature loans, there is no requirement to provide many formalities, so we will probably not even be asked for a certificate from the employer. As in the case of a loan without certificates, the income statement itself will be enough, i.e. information about the amount of income and its source.

Most often, a verification transfer is used for this purpose. Such transfers are completely safe and guarantee successful verification, unless, of course, you make the transfer from your account. The lender checks the compliance of the data assigned to the bank account with the data provided in the application.

Lenders also verify the creditworthiness and credit history of the client. This means that we must have sufficient income and a good history of paying off previous debts to obtain financing. Otherwise, there is a loan for bad credit.

Security as part of the loan?

Many people think that each loan is associated with the obligation to provide physical collateral. However, this view does not specify what this type of collateral would be (most of us do not even know what the different types of collateral offered by lenders are).

Of course, there are lenders on the market that treat collateral as a mandatory part of the loan, but we are not obliged to provide it. However, if we want to take advantage of a signature loan, we also do not have to decide on the first better offer on the market - it is worth knowing that different lenders provide loans with different loan costs and terms.

Pros of signature loans

The most frequently indicated good points of signature loans are:

  • lower cost of the loan;
  • no collateral is required;
  • fast withdrawal to the account;
  • fully online;
  • all you need is an ID card.


1. Can I use signature loans without leaving home?

Yes, most of the offers are available without leaving your home. The whole process, just like in the case of other online loans, takes place via the Internet - from the moment of submitting the application, through signing the contract at the courier at our doorstep, to the payment of cash to the account.

2. Are signature loans available entirely online?

Yes, signature loans are 100% available online. You do not have to leave your home throughout the loan process - from choosing an offer, through completing the application itself, to paying cash to our account.


  1. Signature loans are available only to adults.
  2. The document we need to obtain a signature loan is an ID card.
  3. All signature loan offers are available 100% online, you do not need to leave your home (or even get up from the couch) to take advantage of them.
  4. Identity verification also takes place online - usually, verification transfers are used for this.
  5. As a rule, signature loans are available immediately - funds can be on our account within 15 minutes of issuing a positive loan decision.

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