Are you, like many people, trying to make sense out of your financial situation? Looking for a way to make ends meet? Struggling to keep up your monthly repayments on credit bills? If so, you might well be tempted by the widespread offers of consolidation loans and other easily available lines of credit, which promise you an end to your financial worries.
Unfortunately, life isn’t that simple, and taking out a loan without proper consideration of the consequences can be absolutely disastrous for your future financial health. At the very minimum, you should be completely sure of the kind of loan you’re applying for, and what the differences between the types might mean in your particular situation.
There are two major kinds of personal loan, Unsecured and Secured. Here we’ll take a brief look at the main features of each, to help you be aware of what you’re entering into when signing a loan agreement.
Unsecured Loans
These loans are the most common type, and are what most people think of when considering personal loans. They are usually for small to medium amounts, and are aimed at people with good credit ratings, and the sort...
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