Loans Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

What is the Difference Between an Unsecured Personal Loan and a Secured Personal Loan?


This is a common question that many consumers have. Many people do not realize that there are even different types of personal loans. Each type of personal loan, secured and unsecured, have different requirements.

We will look at the requirements for a secured personal loan first. The name "secured loan" pretty much sums it up, to obtain a secured loan the borrower is required to provide some kind of collateral to secure the loan.

The most common forms of collateral used to secure loans are personal property such as your home, land or automobile. When your home is used as collateral, you will often hear the loan referred to as a home equity loan or a second mortgage loan. Personal loans can also be secured with stocks, bonds, certificates of deposit, a savings account, etc.Lenders tend to be more flexible when granting secured loans. Usually the borrower is given a lower interest rate and longer terms to repay the loan compared to an unsecured loan. The downside to a secured personal loan is if you default on the loan and fail to repay it, the collateral used to secure the loan can be seized by the lender.

If you do not have any collateral to put up for security, then you would not be able to qualify for a secured loan. On the other hand, and unsecured loan does not require any collateral. That is why unsecured loans are a great option for non-homeowners.

The requirements for an unsecured personal loan rely on the borrower's credit history. Since there is no collateral securing the loan, the lender has to base creditworthiness of the borrower on his or her past credit activities.

The higher a credit score the borrower has the more likely for approval they will be. A good credit score can also guarantee a higher loan amount and a lower interest rate. If you have poor credit, you could still qualify for an unsecured loan but expect to pay a much higher interest rate.

There are some really great deals and interest rates on unsecured loans these days. But all in all, usually the limit on an unsecured loan will be lower than the limit for a secured loan and the interest rates are usually higher. Visit Easy Approval Personal Loans to apply online for a unsecured personal loan today or to learn more.

-------------------------
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published "as is" (unedited) and all URL's are made active hyperlinks with no syntax changes.
-------------------------

This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about your personal loan options or to apply for a personal loan online please visit: http://www.easy-approval-personal-loans.com


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


HuffPost

I Couldn't Afford To Pay My Student Loans. Then I Received A Warrant For My Arrest.
HuffPost
The warrant was related to my unpaid student loans from Boston University, in a last effort from the collections company to force me to appear in court and to make payments. If I didn't address the warrant, the danger of being arrested could become ...

and more »


Forbes

How To Save $1,000 On Your Student Loans - Forbes
Forbes
This one student loan hack will get you there. Here's what you need to know and how to start saving. Student Loan Debt: Overview. If you are one of more than ...
An Ugly Hockey Stick of Student Loan DebtThe Beacon (blog)
Grads with six-figure student loan debt flock to nation's capital, eastern statesCredible News (blog)
Consumer Debt Outlook for June 2018 | LendingTreeLending Tree

all 12 news articles »


Exclusive: Piraeus Bank to Unload Bad Loans Pool to APS
U.S. News & World Report
ATHENS (Reuters) - Piraeus Bank , Greece's largest lender by assets, has agreed to sell a 400 million euro pool of soured, unsecured consumer loans to distressed debt specialist APS Holdings, bankers close to the transaction told Reuters on Friday.



WWD

Fitch Ratings Eyes Commercial Loans of Troubled 'B' Malls
WWD
Are "B" malls really in trouble? In its most recent "loans of concern" report, Fitch Ratings said three-fourths of the rated commercial mortgage-backed securities, or CMBS, that are classified as 2.0 have a negative rating outlook and are "tied to ...



Forbes

Nonsensical State Laws Yank Licenses From Student Loan Defaulters
Forbes
State governments do many silly things. Writing in USA Today, Jarrett Dieterle and Shoshana Weissmann bring attention to one of the absolute silliest: in 18 states, workers can have their professional licenses revoked if they default on their student ...



www.ekathimerini.com

Piraeus Bank agrees to sell bad loans pool to APS
www.ekathimerini.com
Piraeus Bank, Greece's largest lender by assets, has agreed to sell a 400 million-euro pool of soured, unsecured consumer loans to distressed debt specialist APS Holdings, bankers close to the transaction told Reuters. The project, dubbed Arctos ...

and more »


Bloomberg

Steinhoff Africa, Brait Charge Investors for Manager Loans
Bloomberg
Last month STAR, as Steinhoff Africa is known, told investors it put aside 440 million rand ($32 million) to pay back the loans of 44 Pepkor managers, many of whom bought stakes in the then-closely held company. Those shares were converted into ...



Reuters

EU lawmakers face opposition to softening bank rules on bad loans
Reuters
LUXEMBOURG (Reuters) - A vote by European Union lawmakers to soften capital rules for banks that offload large amounts of bad loans is meeting resistance and could be ditched, officials said, in what would be a blow to Italian lenders profiting from ...

and more »


Student Loans and Financial Literacy in the Golden Age of Information: How Can Ameritech Financial Help
PR Newswire (press release)
If graduates with student loans were empowered and could use a service such as Ameritech Financial to help them navigate the complex web of student debt, their financial situation may improve. However, consumers who don't understand finances tend to ...



Judges May Be Finding a New Way to Deal With Student Loans in Court, Observes American Financial Benefits Center
PR Newswire (press release)
EMERYVILLE, Calif., June 22, 2018 /PRNewswire/ -- Student loans have long been one of the few types of debt that there are very few ways out of should they become too much of a burden. Death, paying them off through one means or another or, more ...

and more »

Google News

home | site map
TIGER MEDIA© 2006