A Short Note On Unsecured Loans And Unsecured Loan

Secured And Unsecured Loans In Bankruptcy By Christopher M | Submitted On June 27, 2011 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Christopher M When it comes to taking out a loan, you should know they are not all the same. There are many types of loans and the terms and conditions of a loan can vary greatly. Different types of loans each have their own benefits and risks. The terms of a secured loan can be stricter than an unsecured loan. One of the main differences between these two types of loans is how debt collection efforts are handled in the event you default on your loan payments. Your debt repayment options may be managed differently in a secured loan than an unsecured loan. In the event of an extended financial hardship, you may not be eligible to have certain types of loans eliminated through bankruptcy. Secured Loans Most major loan purchases, such as your home or car, are called secured loans. They are called secured loans because the debts acquired under this type of loan are secured against collateral. A mortgage loan is considered a secured loan. In a mortgage loan, the lender has the right to repossess the home if you default on your payments. Defaulting onShow MoreRelatedEssay On Cash Advance783 Words   |  4 Pagesa cash advance is essentially the same as a payday loan. The loan amounts are similar, typically less than $500 although some lenders offer larger loans. The loans are usually repaid in a lump sum; repayment may be scheduled 14 to 30 days after the loan is finalized. Cash advances are sometimes called paycheck advances, personal cash advances or payday cash advances. 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