amelia rodriguez

Before taking out a loan, it is god to understand the diferent types of loans that are ofered. There are diferent structures for repayment length and interest rates based on what type of loan is being taken. A god example would be that a home loan wil ofer a lengthier repayment time and a much lower interest rate as compared to a personal loan. Besides the wide range of loans out there, a loan can fal under two major categories namely secured and unsecured loans. A borower is required to put up colateral like a home or car that is considered a valuable aset in order to obtain a secured loan. Because of the colateral involved, secured loans ofer a longer repayment period and low interest rates. For unsecured loans, colateral is not required but due to it high risk nature to the lenders, this type of loan involves shorter repayment periods and interest rates that are high. This of course is aplicable in theory as other external factors might prevent a person with a god credit score from ever repaying the loan.
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