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What is an Unsecured Loan?
An unsecured loan is a loan whereby the borrower does not have any collateral of any kind on the note. There are also unsecured credit cards, which mean the creditor is entrusting the borrower to pay back all of the monies owed on the credit approved. An unsecured loan is always approved at a higher interest rate (or APR) so that the lender(s) can recover their defaulted client(s) money by hiking up the rates of the ALL unsecured loans.
An unsecured loan is the kind of loan that puts the borrower in the category of a “high risk”, meaning that bank or private lender is fully aware that the borrower (client) is more likely to default on the loan, or be sporadic with repayment. These high risk borrowers are generally “thought of” by the general public as discouraged borrowers by bankers – this could not be further from the truth.
The ideal borrower for banks is one that can get approved for a high-risk, high APR loan, is forced to a very high interest rate, because of their bad FICO score, BUT yet the borrower is solid, hard working, and trustworthy. More often than not, a so-called high risk unsecured borrower DOES make the payments on time and in full. The vast majority of these borrowers will pay back the money they have borrowed from the bank in full and completely, creating a very profitable cash flow for the lending institution.
A secure loan is a loan when the borrower agrees to put their home, property, house, car, boat, motorcycle, bonds, stocks, etc., down as a form of collateral against the note. A secured loan usually means the borrower will get a much lower interest rate on the loan from the bank or private lender. Of course these are the preferred loans given by banks.
Related posts:
- Ohio Secured and Unsecured Loans (part 2) Part 2 of Our Mini-Series on Secured and Unsecured Loans As promised, to our readers in Ohio (and elsewhere) we are working through the Christmas Season and posting the continuation of our mini-series on secured and unsecured loans. The advantages to mortgages is that interest...
- Ohio Secured and Unsecured Loans (part 1) Part 1 of Our Mini-Series on Secured and Unsecured Loans I know this article is obviously not specific to Ohio only, but this article on secured and unsecured loans (and debt), is food for thought for anyone who wants to come by for a read. ...
Ohio Secured and Unsecured Loans (part 2)
Part 2 of Our Mini-Series on Secured and Unsecured Loans As promised, to o...
Part 2 of Our Mini-Series on Secured and Unsecured Loans As promised, to o...
Financial Site Blog Carnival
Actually this is more like a financial web site carnival in that we don't j...
Actually this is more like a financial web site carnival in that we don't j...
How To Calculate Your Mortage or Loan Biweekly
Often borrowers want calculate their loan biweekly, whether that be a mortg...
Often borrowers want calculate their loan biweekly, whether that be a mortg...
Payday Loan Stores in Findlay, Oh
Payday loan shops in Findlay Ohio are found on the same two streets - Tiffi...
Payday loan shops in Findlay Ohio are found on the same two streets - Tiffi...
Payday Loans - Fort Lauderdale Area - Hollywood, Oakland Park, Pompano Beach, Hallandale Beach, Dani...
Payday loans for Ft. Lauderdale Florida. This is not the full list, but it'...
Payday loans for Ft. Lauderdale Florida. This is not the full list, but it'...
Wooster Ohio Bankruptcy Home Equity Loan for $70K - $80K - $100,000
Now we fly over to Wooster, Ohio where we have an applicant who has claimed...
Now we fly over to Wooster, Ohio where we have an applicant who has claimed...
$1000-$2000 Bad Credit Auto Loan in Columbus - Dan V.
$1000-$2000 Bad Credit Auto Loan in Columbus -- Is there any lender in Colu...
$1000-$2000 Bad Credit Auto Loan in Columbus -- Is there any lender in Colu...
Home Loans for People With Bad Credit in Youngstown Ohio
This client is looking for home loans for people with bad credit in Youngst...
This client is looking for home loans for people with bad credit in Youngst...
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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).
September 1st, 2011 at 9:57 am
Looking for a loan of $3000 to $5000. To pay off some debits I have.