| secured loans vs unsecured loans |
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corgee
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| secured loans vs unsecured loans |
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I am looking at getting a personal loan but what is better unsecured personal loans or a secured ones
personal loans
-Corgee
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Wed Jan 20, 2010 11:14 pm |
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C9Consulting
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Depends on what the loan is for. Do you mind sharing?
When I say "what is it for?", I mean some people just get loans to improve, build, or rebuild their credit score. On the other end of the spectrum, some apply for loans to start up a business or finance a real estate purchase. Your situation may change the type of loan you should get.
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Thu Jan 21, 2010 4:19 am |
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Elmira Nancy
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Secured loans are the most conventional method of financing large sums of money. Even in older times people used to take loans to use in agriculture or other such needs by keeping their lands as security. Unsecured loans, on the other hand are of a recent origin. Since secured loans required the borrower to keep his home as collateral, many people who were without homes or who did not prefer attaching homes to obligations were left without finance. This also hampered the lending business of the lenders because the group was sizable. Thus, unsecured loans were launched as an alternative to the secured loans.
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Thu Apr 01, 2010 6:10 pm |
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kimsmith07
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In my opinion secured personal loans is best in compare to unsecured personal loans.
person confused about secured personal loans and unsecured personal loans.
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Sun Apr 18, 2010 12:49 pm |
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jason_simpson
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| Re: secured loans vs unsecured loans |
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quote:
Originally posted by corgee
I am looking at getting a personal loan but what is better unsecured personal loans or a secured ones
This totally depends on the amount of money you are looking forward to borrow. If you don’t have a perfect credit history, you’re likely to find that a secured loan will offer a lower rate of interest. However, if you’ve got a really good credit history and you’re borrowing less than £15,000, it’s quite likely that you will get an even a lower rate with an unsecured loan.
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Tue Apr 20, 2010 3:36 pm |
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Vishenda
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If a loan is ‘secured’, it means it is secured against something you own (an ‘asset’) – and failing to repay the loan could result in the lender taking possession of that asset, and selling it to cover their losses.
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Mon Apr 26, 2010 7:54 am |
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Adria.John
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In my opinion unsecured loans are extremely popular and are readily offered by lenders off and online. This vast competition in the money lending market works to the borrower’s advantage and provides non-homeowners the opportunity to improve their financial situation despite the fact that they cannot offer the collateral required for other loan types. Non-homeowners can simply shop around for the best deal based on their strengths.
Whereas, a secured loan is a loan that is provided against your property. Your home serves as collateral and your ability to pay back the loan is in turn your ability to continue to be the owner of your own home. It is therefore extremely important to note that although the ownership of a house makes you eligible to this loan type it also puts you at great risk.
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Thu May 06, 2010 11:43 am |
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iwillguide
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| hi |
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thats completely depend on your situation .if u want to improve your credit score or personal needs?
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Fri May 07, 2010 11:19 am |
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jason_simpson
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When applying for an unsecured loan, the requirements are stiffer, meaning that the loan will be granted after a thorough evaluation of the borrower's job status, credit ratings and banking status. Naturally a good, steady job with a long seniority will give a greater chance of qualifying for a loan than someone who is barely making ends meet and has been at his job for only six months, even if credit ratings are within the normal score.
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Fri May 07, 2010 2:54 pm |
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calbeach
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it also depends on how fast you need the money, and how much money you need. your credit standing and financial status will also count...
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Wed May 12, 2010 5:25 am |
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vickylee
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It's so difficult!
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Thu May 13, 2010 3:15 am |
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tanmaysnv
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I Think Secured loan is a debt classification in which the lender has been given a portion of the rights to a specific property usually the borrower’s home as collateral and Unsecured loans were developed as an alternative to the secured loans. It’s a debt that’s not tied to any piece of property or real estate. However unsecured loans are more costly than the secured loans.
Thanks
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Sat May 15, 2010 8:31 am |
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ed2009
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What kind of loan are you planning to take because as far as i know, all credit card loans are unsecured debts.
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Sat May 15, 2010 9:10 am |
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david1987
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Secured loan is the best option for an individual as well as for bank.
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Fri May 21, 2010 10:31 am |
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