Terms like unsecured and secured loans rings a bell to those who have been on the lookout for a loan. Do you know the difference? Do you know which type of loan that you need? Are you aware of the type of loan you would qualify for?
It’s difficult many times for the average consumer to wade through all of the terminology and have a real idea of what they need. It is possible to break secured and unsecured loans into simple terms for your understanding.
Secured and Unsecured Loans: What is What?
Unsecured loans do not need to be secured by anything, such as your home. With these loans, the lender believes that you will be able to repay the loan amount as promised. Unsecured loans are not difficult to come by, but you do have to have a good credit history, a low debt to income ratio, and you need to be able to provide your financial stability.
There are various types of unsecured loans such as personal loans, student loans, personal lines of credit, and even some home improvement loans.
However, Secured loans require you to secure the loan with something, such as your home or your car, to the lender. What this means is that you...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
