A consolidation loan to pay off credit cards or a signature loan from a bank would be considered unsecured term loans. There's ample data to suggest that the modernizing unsecured loan market is growing. In a November 2017 consumer credit report, TransUnion estimated that credit card balances in the United States had risen 7 in the third quarter of 2017 to 731 billion while personal loan with 730 credit score loan balances reached an all-time of 112 billion.
The past decade has seen the rise of peer-to-peer lending via online and mobile lenders coinciding with a sharp increase in unsecured loans. In another report, TransUnion found that "fintechs," or financial technology firms, accounted for 32 of personal loan balances through the first half of 2017, up from just 4 in 2012.
Alternative Lenders and Unsecured Loans. Alternative lenders, such as payday lenders or companies who offer merchant cash advances, do not offer secured loans in the traditional sense of the phrase. Their loans are not secured by tangible collateral as mortgages and car loans are.
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