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SpinDistribute.com Article Directory

The following article was published in our article directory on December 7, 2011.
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Secured Versus Unsecured Personal Loans: Which is Better?

Article Category: Finances

Author Name: chickie maxwell

Both the secured and the unsecured type of loan are among the most popular types of personal loans at present. If you are currently in the market for a loan, then you should consider comparing these two types so you can choose the better option out of the two. This article aims to give you relevant information about secured and unsecured loans so you can make an informed decision.

Secured loans require you to use your possession as collateral before you gain approval from your loan application. You have to offer an owned asset and use it as collateral for the loan. These include your house, car or any other property. If you fail to follow the terms of the loan agreement, then your property will be at risk of being repossessed. The lender will then sell the repossessed property to make up for their loss. To generate more information about secured loans, spend time checking out its advantages and disadvantages.

Advantages:

1. It allows you to leverage cash or items against the funding cost. This means that your car, house or any other investment items can be put up against the loan amount. This will allow you to avail of a higher amount of loan since your chosen bank or lender will have an assurance that you will be paying them.

2. It has lower rate of interest. Most secured personal loans are offered with lower interest rates because of the collateral which serves as a guarantee for lenders that they will receive payment from their borrowers.

Disadvantages

Secured loans also come with a lot of disadvantages and these include a significant increase in your interest rate if you skip or miss monthly repayments. Your collateral is also at risk of being repossessed. If someone co-signs your loan, then there is also a great possibility that he will face a lawsuit if you are unable to settle your obligations.

Unsecured loans do not require the borrower to offer any form of collateral in exchange for the loan amount. All that it takes for you to avail of this type of loan is to submit your application to your chosen lender so the lending institution can start assessing your capacity to pay. If your loan application is approved, then the lender will issue a contract which clearly states the terms of the loan agreement.

1. It is the most ideal solution for people who do not own any current assets. This means that even those young people who do not own properties yet can borrow money through this solution with the intention of paying their educational expenses.

2. It helps those who have a bad credit history. If you have been in default in paying your financial obligations in the past or if you have previously filed for bankruptcy, then unsecured loan can help you fix the damages that these acts have caused to your credit reputation. This will increase your chances of improving your credit score.

Disadvantages

Unsecured personal loans have higher interest rates in comparison to the secured loans. The reason behind this is that your chosen lender will be in a riskier position. There is no guarantee that you can pay the loan in the long run so it is no longer startling if the lenders increase their rate.

Keywords: personal loans

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