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||e Info Stream Home > Secured and Unsecured Loans
Bad Credit Secured & Unsecured Loans
What Kind Of Loan Do You Need?
by: Bill Darken
How much do you know about secured and unsecured loans? This piece of writing intends to briefly describe the most significant types of loans, so that you can obtain a global view over this subject.
The procedure of lending goes like this: the borrower receives an amount of money which he pays back to the lender within an appointed period of time. The cost of the service is referred to as interest rate. Loans can be secured or unsecured, with periods ranging from a month to even over 20 years, and with yearly interest rates of one up to three digit percents.
Bad Credit Unsecured Personal Loans
Credit card debt
The name of this kind of unsecured loan comes from the card issued to the buyer of the credit card system. You can pay those who accept credit cards without exceeding an appointed credit limit. Principally, you borrow funds from the issuer. With each purchase made, you agree to pay that amount of money plus an appointed interest. The difference among a credit card and a debit card is that the issuer does not remove money from your account at each operation. Each month you get a report indicating the amount owed for every purchase and the total one. You ought to pay at least a portion of the bill by a due date. The interest deducted by the credit issuer has a higher rate than the ones charged in other kind of unsecured personal loans.
Credit facilities or lines of credit
A line of credit is an elastic way to get additional funds for expenses such as house repairs, traveling, or even to buy an object you want but do not have sufficient amount of money. To qualify for this kind of personal loan you ought to have a good credit history and a stable income.
You are eligible for this kind of unsecured personal loan if you have a bank account in excellent situation. When the withdrawals from your bank account go beyond the balance, the account gets a negative balance and it means that your bank is offering you credit. In case you have a previous contract with the bank and you have an appointed overdraft border, any withdrawals within that maximum are charged at a fixed rate. If not, the interest rate might be much higher.
The well-known unsecured personal loans are the payday loans. You can loan from $100 up to $1500 for a small period and at a very high interest rate. If you cannot pay back at the appointed payday time, you can pay the money charge again and roll the loan for next period.
Bad Credit Secured Personal Loans
Home equity loans
With using the equity in your home, you can obtain an important amount of money that you have to pay back over an appointed period at a low interest rate. If you fail to pay back, you may lose your estate. But, this is a well-liked source of finance.
A mortage is a general type of secured personal loan usually used in purchasing properties. If you need to buy housing or commercial real estate and you cannot afford to give the full value instantly, you can arrange a mortage. You borrow money and pay for the property and the financial institution is given security by the title of the house until you pay off in full.
You can use this type of secured personal loan if you want to buy either a new or a used vehicle. The car itself protects the loan. The loan time is shorter than mortgages, as it corresponds to the practical life of the car.
When you consider receiving a certain type of loan - secured or unsecured, you must be very careful regarding abuses. You ought to read the contract accurately, paying attention to every aspect and take care you realize all the terms. Otherwise, you may find yourself in an uncomfortable position relating to the loan by not being capable to bay back the loan.