That is, the borrower does not need to provide any collateral or guarantor when lending money.

Banks and other financial institutions will evaluate the borrower's credit history, income and repayment ability to decide whether to grant him a loan. For * * * loans, banks usually adopt stricter approval standards and interest rate levels to reduce risks.

Mortgage loan means that the borrower needs to provide collateral as collateral, usually valuable assets such as real estate and cars, as a guarantee for loan repayment. If the borrower fails to repay the loan on time, the bank can auction the collateral to recover the unpaid part of the loan. With collateral as a guarantee, banks are more willing to lend to borrowers, so for example, the approval criteria and interest rate level of housing mortgage loans will be looser than loans.