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Long Term Unsecured Loan?

In order to understand qualifications for loan approval, let's examine the types of loans; secured and unsecured, and the two types of re-payment plans: short term and long term.

Secured loans have both short and long term repayment plans. These types of loans are secured by a form of collateral, such as the equity in a home or auto. Some lenders will also accept stocks and bonds as security against the loan.

Because these types of loans are secured, the risk to lenders is minimized and allows borrowers to enjoy lower interest rates than unsecured loans. And; even if there are still payments due on an existing auto or home loan, it's possible to get a lower rate than the original loan terms, particularly if the borrower's credit had improved.

Unsecured loans generally have only a short term repayment plan. The most common type of unsecured loan is a payday cash advance, or a signature (personal loan) from a bank. The payday cash advance is a much shorter term loan, most commonly to extend only until the recipient's following payday. A bank signature loan; however, generally has a one year repayment plan. Another main difference between these two types of loans is how the interest rate is calculated. A payday cash advance charges a fee instead of an interest rate, but Federal regulations require lenders to provide an "interest computation" so borrowers can compare rates amongst various loan products and lenders. When a payday cash advance fee is transformed to an interest rate, the sum is much higher than a bank signature loan, which is an actual percentage rate charged over the duration of the loan. But there's yet one more difference between these two loans which makes payday cash advances more accessible. Whereas a bank signature loan requires favorable credit, a payday cash advance does not, making this an attractive loan for bad credit people.

Your credit rating, assets, and the eagerness of a lender to issue a loan, all determine which types of loans you are qualified for. If you have favorable credit, consult your local bank loan officer or; if you desire a business loan, your local SBA. If you have troubled credit, instead of seeking a long term unsecured loan, consider alternatives such as using your home or auto as collateral for a secured long term loan, or consider a payday cash advance for a short term unsecured loan.

Toni Phelps is the Research Manager of http://www.creditfederal.com where you can find more information regarding loans.

In The News:

Hong Kong protesters abseil from bridge to escape police siege
Sun, 17 Nov 2019 16:55:00 +0000
Protesters in Hong Kong have abseiled down from a bridge outside a besieged university campus in a bid to escape from police.

How long will China tolerate embarrassing protests?
Mon, 18 Nov 2019 13:26:00 +0000
China has accused the UK and US of interfering in the internal affairs of Hong Kong as authorities struggle to contain months of protests in the city.

Girl, 15, dies after bridge collapses into river in France
Mon, 18 Nov 2019 18:46:00 +0000
A 15-year-old girl and a lorry driver have been killed after a bridge collapsed into a river in southwestern France, officials have said.

India's Tata Steel to slash 3,000 jobs in Europe - report
Mon, 18 Nov 2019 16:50:00 +0000
Tata Steel is planning to cut around 3,000 jobs in Europe, with over half in the Netherlands, a source has told Reuters.

Girl, 15, dies in suspension bridge collapse
Mon, 18 Nov 2019 11:16:00 +0000
A 15-year-old girl has died after a suspension bridge in Toulouse collapsed.



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