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| *Loan,banking and credit>>>unsecured loan |
What's an unsecured loan? |
I know it's a dumb question. Unsecured loans are loans that are not guaranteed with any asset, so that the risk of repossession does not exist. Though the lender can still take legal action in order to recover the money, such a legal process would be significantly longer and more expensive than with secured loans. Typical unsecured loans are credit card debt, bank overdrafts, and personal loans. Source(s): Wikipedia It means there is nothing of value to guarantee the loan if the lendee defaults on payments. Mortgages are secured by the properties they are taken out on. Same with home equity loans. Businesses sometimes guarantee loans with stock, equipment, or other assets. if you need to asked you can not have one No question is dumb. As old as I am, I haven't lived long enough to learn everything yet. An unsecured loan is one that isn't backed up by something that you own that is paid for. Usually called a 'signature loan'... just your good credit history is backing it up. unsecured is typically when there is nothing offered by the borrower as collateral...usually like when you sign a car note the car is the collateral...smaller loans may ask for things of possible value such as jewelry or electronics... Unsecured loans are loans that are not guaranteed with any asset, so that the risk of repossession does not exist. Though the lender can still take legal action in order to recover the money, such a legal process would be significantly longer and more expensive than with secured loans. Typical unsecured loans are credit card debt, bank overdrafts, and personal loans. |
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