The different types of loans
The first thing that someone thinks of when the word loans is mentioned is money. This is definitely the most common type of loan but the truth is that a loan can be for many things and not just money.
There are also many types of loans with many different terms and durations as well as ways to pay them back.
There are a couple of traditional types of loans that you can get and one of these is a secure loan. A secured type of loan is usually given when purchasing a car or a home. The merchandise that you are purchasing with the loan is what is offered as security that the loans will be settled in the event that you as the borrower is not able to repay.
You may also obtain a secured loan by offering a house or a car that you have purchased as a type of insurance that you will pay the loan back. Just as in the previous example, if the loans is not repaid within the terms set forth, the bank can repossess the owned item to settle the debt that was incurred in the loans.
An unsecured loan is the opposite of a secured loan. This type of loan carries more risk for a lender so the amounts loaned are usually smaller than what would be given with a secure loan. Most people obtain a credit card and this is a type of an unsecured loan. Usually with a credit card there is no collateral that can be taken from the lender to repay the debt in the case that the borrower is not able to pay the loan back within the specific guidelines laid out in the loan. Terms of payment on both types of loans can vary greatly so be sure to note this detail in every type of loan.
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Comments on The different types of loans
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If you get a personal loan from a local bank and make your payments on time your credit score would go up over time. If you already have bad credit consider a secured loan (requires collateral of some sort). However, the positive factors from this loan would take some time (6 months to a year) to actually improve your credit score. If you are just thinking of getting a loan for quick improvement then do not do it, as getting a personal loan right before applying for a home loan might show that you are over extended.
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Well, without income, you will not qualify for a loan. But for your future reference, you would select option A for an automobile loan if you want the vehicle your purchasing to be used as collateral for the loan. The bank would then place a lien on the vehicle until it was paid off. This would be a secured loan, which is secured by the equity of your vehicle that was purchased. Option B could be for a unsecured or secured loan for pretty much any purpose. An unsecured would have a higher interest rate whereas a secured would have a lower. Using this option you could possibly get a unsecured loan to pay for the vehicle and there would be no lien placed on the vehicle and nothing would be used as collateral. Since the loan is for 2,000, this may be possible because unsecured loans are typically limited to a lower amount of funding. A secured loan would be anything you could use to secure the money the bank would lend. You could use cash in a savings account, the equity in your motorcycle or really anything. If the cash was used as collateral they would place a hold on this cash until the loan was paid off, if a motorcycle was used they would place a lien on it until the loan was paid off and similar for any other item deemed valuable.
"Unsecured loan is as much of a company liability as the secured one — not clear why you apparently disagree with this. It does not matter if you call it “encumbrance” or “debenture” or whatever, the debt extraction mechanism may be different legally speaking, but an unsecured loan it is still a liability on the debtor books."
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