A secured loan is both a personal and business loan that need various type of security as a condition of an applicant.
Secured Loan And Unsecured Loan
Secured Loan
A Secured Loan is a loan that equates with security or collateral. It used the property as a security to support the loan. These loans are those for which an applicant keeps assets as collateral to borrow money.
A secured loan is both a personal and business loan that need various type of security as a condition of an applicant. A secured loan allows an applicant to have the advantage of a lower rate of interest.
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It can be used for several purposes. such as, if an applicant borrows money for their personal use for that he has to take a secured loan which includes:-
Unsecured Loan
Unsecured loans are loans that do not require security or collateral. It does not have any risk of losing assets. an applicant does not have much restrictions.
Unsecured loans are of many types, such as:-
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Term loan
It is a personal loan where an applicant gets a specific amount and the applicant has to repay the loan in fixed installments prior to the loan being fully paid. basically, a term loan is offered for a fixed rate of interest.
Revolving loan
A revolving loan is a loan that includes a credit limit And the maximum limit of credit will be set by the bank.
Consolidation loan
A consolidation loan is a loan that is taken to pay off the existing liabilities or unsecured loan.
