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Secured loan
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Secured loans are
loans, which have
collateral, attached
to them in the form
of a lien. A lien is
a legal claim on
one's property till
a debt secured by
the property is paid
off. In other words,
a lien gives the
right to claim a
person's property if
an obligation is not
discharged. A
mortgage loan that
is a loan secured by
your house involves
a lien. The mortgage
company holds a lien
on the property as a
security for the
repayment of the
debt. Mortgages
including first and
second mortgages
(home equity loan
and home equity line
of credit) and car
loans are examples
of secured loans.
Secured loans are
not negotiable in
any way. Get free
consultation to deal
with secured loans. |
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Unsecured loan
Unsecured loans
allow you to obtain
services or goods on
credit in exchange
for your verbal or
written commitment
to pay the creditor
back. These loans
are not secured by
collateral. Such
loans involve
medical bills,
credit cards,
commercial loans,
consumer debt and
personal loans. In
case you fail to pay
off these debts, the
only way left out
for a lender is to
take legal action.
Calculate your total
debt using the debt
calculation form and
start off to
overcome your debt
burdens. Debt
consolidation is
applicable only with
unsecured loans.
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