Signature loans are a type of loan where a person's signature serves as a promise to repay the borrowed money. It means that the borrower doesn't need to provide any collateral, like a house or a car, in order to get the loan. Full definition
Due to the risk involved, most lenders will charge a higher interest rate for signature loans compared to a secured loan. (nation21loans.com)
Personal loans are also known as signature loans because they are usually granted with only the word of the borrower that they will make the repayments. (badcreditloanservices.com)
Therefore, almost all loans that cover the costs of plastic procedures are unsecured loans, commonly called signature loans, as they only require your signature as a promise for a loan repayment. (badcreditloanservices.com)