A secured loan is a loan in which the borrower pledges some asset as collateral for the loan. Secured loans are secured on your property. A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter often corresponding to the useful life of the car. There are two types of loans, direct and indirect. A direct loan is where a bank gives the loan directly to a consumer. An indirect loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
Unsecured Loan Secured Loan Personal Loan Property Loan Student Loan Credit Card
0 comments:
Post a Comment