It is possible to have an unsecured line of credit, similar to a credit card, which will have a variable interest rate. Regardless, an unsecured loan interest rate will be higher than a secured loan where the bank/lender has collateral to repossess if the borrower does not repay the loan.
Finding the loan that’s right for your situation is important, so that you get the rates, terms, and payment options that fit your needs. Secured loans might be a good choice if you have personal assets such as equity in your home, car, or savings account that can be used as collateral. Plus, secured loans may offer lower interest rates, larger loan amounts, or better terms than unsecured loans. Contact us today for more details.
START YOUR OWN ADVENTURE, CLICK BELOW AND GET A QUOTE AND EXPERIENCE THAT UNFORGETTABLE FEELING OF A LIFETIME.
What is the difference between a secured and an unsecured loan?
A secured loan, is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing.When someone takes out a loan to buy something, like a house or a car, the lender usually keeps a "lien" on the property which is part of the public record. A lien is an agreement between the borrower and the lender that gives property owned by the borrower as collateral for a loan. There are two basic categories that most loan types fall into – Secured and Unsecured. Secured Loan are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien is placed on such item.By using your personal assets such as your home, car, or savings as collateral for a secured loan, you could access lower interest rates and better borrowing terms. Simply put, a loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender is known as secured loan.
Can I Get an Online Loan with Bad Credit?
At Feingold Financial Services Limited, we understand that you may have a less than perfect credit history. If you have bad credit, you may have struggled in the past to find access to credit or other financial services. Part of Feingold Financial Services Limited's mission is to provide access to credit to underbanked individuals, including those who may have poor credit or no credit. Feingold Financial Services Limited loans may even help you rebuild your credit history over time. At higher levels on the Feingold Financial Services Limited Ladder, we'll report your repayment information to traditional credit bureaus. If you're looking for a cash advance lender, look no further than Feingold Financial Services Limited.