SECURED LOANS AND UNSECURED LOANS
Loan is referred to a sum of money borrowed from the bank or financial institution for a particular period, that requires repayment along with interest. These days, loans are considered as the best means of availing finance for any purpose like education, construction of a house, purchasing a car or any other business requirement.
There are two types of loan, namely, secured loans and unsecured loans. When a loan is secured the borrower pledges some asset as security against the loan. On the other hand, an unsecured loan is one that is backed by the borrowers…………….
SECURED LOAN
A secured loan is a loan backed by collateral. The most common types of secured loans are mortgages and car loans, and in the case of these loans, the collateral is your home or car. But really, collateral can be any kind of financial asset you own. And if you don’t pay back your loan, the bank can seize your collateral as payment. A repossession stays on your credit report for up to seven years.
When you take out a secured loan, the lender puts a lien on the asset you offer up as collateral. Once the loan is paid off, the lender removes the lien, and you own both assets free and clear.
Here are the kinds of assets you can use as collateral for a secured loan:
- Real estate
- Bank accounts (checking accounts, savings accounts, CDs and money market accounts)
- Vehicles (cars, trucks, SUVs, motorcycles, boats, etc.)
- Stocks, mutual funds or bond investments
- Insurance policies, including life insurance
- High-end collectibles and other valuables (precious metals, antiques, etc.)
Secured credit cards, such as the Capital One Platinum Secured Credit Card and the Platinum Secured Mastercard from First Tech Federal Credit Union , are another example of a secured loan. The collateral, in this case, is the cash you put down (often a Rs. 20000 refundable deposit) that acts as your initial credit limit. You get your deposit back when you close the account……………
CLICK BELOW FOR MORE DETAILS
FOR MANY MORE UPDATES AVAILABLE CLICK BELOW
CLICK THE BELOW LINK TO READ THE COMPLETE CONTENTS
SOME CONTENTS OF THIS WEBSITE ARE FOR GOLD SUBSCRIBERS ONLY.
Join us as a GOLD SUBSCRIBER and get access to read important books.
KIND ATTENTION
We are going to close all what’s groups of CEV soon due to difficulties in posting information or message in more than 5 groups of CEV at a time.
All future posts of empanelment notices & professional importance will be shared on
1. https://t.me/+dbHNkNO22xsyYTY1
2. www.valuerworld.com
3. The Twitter handle of CEV India
https://twitter.com/cevindia?t=XbqlvnwUVz1G3uPgs749ww&s=09
after closing the groups.
All members of these groups are requested to register themselves at the following link immediately for Getting all related timely updates…..
