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The following article was published in our article directory on December 30, 2011.
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Secured and Unsecured Fast Loans

Article Category: Finances

Author Name: chickie maxwell

Today, many banks and other financial institutions offer fast loans that are either secured or unsecured. This is primarily because of the growing competition with other companies as well as the growing number of prospect borrowers. But before anything else, one should familiarize himself with the description of secured and unsecured loans.

Secured Loans

Secured Loans is considered as the more standardized type of loan as many companies would prefer offering this loan. Secured loans basically require collateral that are surrendered to the lender in exchange of the loan. Real estate properties, time deposits, or business licenses are common examples of collateral.
Advantages of Secured Loans:
Easy approval

Secured loans are easier to be granted because lenders have collateral as their security option. In the event that the borrower can no longer pay his fast loans, the lender, through their signed contract, are authorized to take the collateral as his possession.

Smaller interests

Interests for secured loans can be negotiated so that borrowers can have lower interest rates. This happens when the amount of collateral is considerably higher as compared to the amount of the loan requested.

Larger money

Secured loans have a high tendency to release larger amounts of money based on the value of the surrendered collateral. Lenders often base the amount of loan to the outstanding market price of the collateral.

Unsecured Loan

Unsecured loans may be considered as a special type of loan because it does not require collateral when availing the loan. Unsecured loans are usually offered by individual lenders who have family members and friends as their frequent customers. However, unsecured loans are also offered by some financial institutions. Unsecured loans may be applied for personal or business purposes. In addition to this, payday loans and loans that are granted for people with bad credits are examples of unsecured loans.

Advantages of Unsecured Loans:

Collateral is Not Necessary

Borrowers are spared from the burden of coming up with a collateral before getting loans. This is helpful especially in times of emergency wherein the loan is urgently needed as well as those who do not have any possessions that can be used as collateral.

Properties are Not Put into Great Risks

And because it does not require collateral, unsecured fast loans are free from any risks of losing a property in the event that borrowers can no longer pay the loan. There have been numerous cases worldwide wherein people lose their properties which are more valuable than the unpaid loans.

Shorter Payment Period

Unsecured loans often involve smaller amounts of money; thus, requiring borrowers to pay in a short period of time. Although it may sound demanding , shorter payment periods would also mean that there will be lesser amount of interest to be paid. In the end, borrowers pay less as compared to those who have longer payment periods.

These types of loans differ from one another in terms of their nature. On one hand, secured loans are recommended for higher amounts of loans or if borrowers wish to pay in a longer period of time. On the other hand, unsecured loans are good for emergency purposes. Whatever the type of loan one chooses, in the end, both will be very helpful to him.

Keywords: fast loans

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