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What is the difference between all the kinds

Know about the basic differences b/w all loans to solve your money problems.

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What is the difference between all the kinds

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  1. What is the difference between all the kinds of loans? If you have any query related to loans, than read next slides to learn more about loans.

  2. There are two main kinds of loans - secured and unsecured loans. The key difference between the two types of loans is that with secured loans you are required to provide security or collateral against the amount you are borrowing whereas an unsecured loan does not. But the difference does not end there. Each type of loan entails different repayment terms and interest rates and depending on your circumstances one or the other may be a better choice for you.

  3. Secured loans Secured loans entail the borrower providing some form of security to the lender, like a home or car. If you cannot repay the loan this may mean the loss the home or car as the lender seeks to recover the amount they lent you and the interest on the loan. Secured loans usually give you the option of higher borrowing limits and lower interest rates and are generally easier to obtain. The amount you can borrow will be partly determined by the value of the asset you are borrowing against. Secured loans are sometimes called Homeowner loans.

  4. Unsecured loans Unsecured loans do not require any form of collateral so you will not lose your house or car if you cannot keep up with payments. The lender will make a decision to give you a loan based on your income and your credit history. Common types of unsecured loans include Personal loans, student loans and payday loans. Unsecured loans typically carry a higher interest rate than secured loans.

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