I have experienced the risks of getting an Unsecured Loans when my daughters are bought studying in college. I was told by a friend that a bank offers unsecured loan, Unsecured Personal Loans and other Installment Loans to employed persons at a very minimum interest. Due the need to raise money and sustain the other educational expenses of my children I went to the bank and applied for an unsecured personal loan. I was asked to submit a certification of employment, a copy of my latest pay slip and the latest electric bill as supporting documents for the unsecured personal loan. I collaborated with our financial officer to adjust my salary so I can avail for a higher amount of loan. After submitting the requirements, the loan was granted and the unexpected problems came. I find it difficult to repay the unsecured loan because the installment loan payment is affecting our budget severely. When the maturity period came I looked for another solution and my problems became worst.
