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Friday, December 5, 2008

Introduction to Types of Loan

There are several types of loan which can be applied to meet our need. However, these types of loan have each special purpose and consequence. That is very recommended to know exactly what loan we are going to apply. Finding the best and most correct one is some time making us mad. The following is the brief explanation about these common general loan types around us:

Secured Loan
Secured loan is a loan which needs collateral. This collateral can be as great as the value of the loan but in many cases the lender need greater value than the value of the loan given. Secured loan means to secure against our assets which we own. The asset which can be a collateral is commonly home or any value item which has the same value or more.
This kind of loan is classified as the lower risk typical loan from the lender side. Consequently, because this loan is not categorized as the higher risk, the interest of the loan is lower too. Again because we have value asst as the collateral, then we can easily borrow higher loan.
This typical loan is categorized as the lower risk loan from the lender side. Why? Of course if we fail to pay our loan, then the lender has the legal right to own that collateral assets. The lender or creditor can sell the asset to claim the money which we have borrowed.

Unsecured Loan
It is in the contrary of secured loan in the case of which the creditor does not have any collateral in hands from the debtor. Because the creditor does not ask the debtor to assign any value asset as the collateral, this type of loan is very risky in the side of the lender. That is why, unsecured loan is commonly in little amount and in short period of time.
However, this does not mean that the borrowers can deny the consequence if they fail to make payment. If this case is brought to court there is not secured and unsecured because court can force the borrowers to pay or release their assets as the collateral before completing the payment. In whatever term, debt must be paid.

In another term, mortgage is famous as home loan. This typical loan is actually secure loan. Mortgage is specially aimed to fund the purchasing of a home. Mortgage works a little bit different from personal loan. The lender commonly request 5% deposit from the amount value of the home. Even some time the lender need higher deposit, up to 20% from the borrower. In short, mortgage is secure loan with the home as the collateral asset. If we fail to pay then the creditor can make a process to repossess the house.

Debt Consolidation loan
This type of loan is involving at least three parties; the borrower, the borrower’s creditor and the new creditor. The new creditor will lend money to the borrower but the money is not given to the borrower. The money is sent directly to the borrower’s creditor.

Monday, December 1, 2008

What is the Right Cash Loan?

How can we handle our emergency? Do we really have any special plans and actual resources to deal with that unpredictable emergency? If we do not really have any cash in hand, how can we avoid or face such situations? Therefore choosing and get a quick emergency cash loans seems the best answer for such stuff situation. This cash loan can make sure us to keep stand in that difficult situation.
The best advantage which we can take from cash loans is that we can get the money shortly, within 24 hours. We do not need to have credit check or lengthy paperwork system of these loans.
Another advantage is that we can enjoy the low credit ratings. Whatever credit score we have, it does not matter in this loans. How bad it is, we still potentially get the loan. This cash loans will satisfy us with size ranges from $ 100 to $ 1500 for 14-31 days or 2-4 weeks.
However, if we do not have the correct steps, it's possible that we may fail in repayment. The best way is being on time in the recovery, and it is the most necessary, otherwise we will be charged extra fines.
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