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Most of us have taken out automobile loans & may have already...

Most of us have taken out automobile loans & may have already obtained a mortgage loan to make that special all important first time home loan purchase. However, lots of of us depend on our savings accounts or credit cards to make other types of purchases & have no idea about loans. Getting a loan may be the right choice for you, in the event you know all about them & make the right choice.

A secured loan is that is made with some type of collateral attached. This collateral can be an automobile, but most often is the person's home. If an individual takes out a secured loan & does not pay it back, that collateral can be taken by the bank or finance company. Usually a secured loan is for a higher dollar amount. These personal loans are lots of times used to pay for a wedding or some other giant event or purchase in one's life.

Unsecured Loans

An unsecured personal loan is simple to report to anyone. This loan is made on the signature of the individual involved with no collateral needed. Lots of times these loans are only made to individuals who have nice credit scores or nice credit history. There is no backing for the money, but those who have maintained nice credit histories over likely can be counted on to repay the money. Most unsecured loans are used for short term needs such as holiday or holiday spending.

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Who Lends the Money?

When a regular bank or finance company makes the loan, the individual will usually get a payment book in the mail or every month statements indicating their every month due date & the amount owed, with the balance still owed. For payday loan companies, the payments are usually necessary to be attached to the person's bank account, so that the company can debit the amount automatically.

After learning all about the different personal loans, you may be wondering who makes these loans. The usual lender is a bank or a finance company; however, some personal loans are being made by payday loan companies or money advance entities. This can be a bad choice for a personal loan, unless you have bad credit & require money. These types of loan companies charge giant rates of interest, lots of times 100 percent or more, so in the case of a 1000 dollar personal loan, an individual can find themselves paying back 2000 dollars or even more.

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Notes

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http://www.marketingedge.ab.ca - Thank you for your late-night work Harlan.

Posted in Health and Medical Post Date 10/17/2015


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