What Does Unsecured Creditors Mean?
Definition of Unsecured Creditors: Unsecured lenders are individuals or entities that lend themselves collateral without receiving certain assets. This puts the lender at greater risk because if the borrower fails to repay the loan, he will not have access to anything. When a borrower defaults on an unsecured loan, the lender cannot recover the borrower's assets without winning the first lawsuit.
- Secured lenders usually require a suicide attack if the borrower is a defaulter.
- For unsecured lenders, bankruptcy is usually the only option when the debtor already defaults.
- Unsecured lenders can range from credit card companies to doctors' offices.
Literal Meanings of Unsecured Creditors
Meanings of Unsecured:
(Loan) without any security deposit.
It is neither safe nor secure.
Sentences of Unsecured
At this stage, you should not consider payments for unsecured loans such as personal loans, overdrafts and credit cards.
The maid is responsible for leaving the room without any guarantee