Credit Corp
JUNE 12, 2023
A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?
Better Credit Blog
MAY 20, 2022
Each year, tens of millions of Americans facing similar situations turn to personal loans to help ease the financial burden. With low interest for borrowers with strong credit scores, fixed rates, and a variety of lending sources to choose from, it’s easy to see why personal loans are so enticing. How Personal Loans Work.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Sawin & Shea
OCTOBER 11, 2023
If a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. A Special Note About Student Loan Debt Can student loans be discharged in bankruptcy?
Credit Corp
SEPTEMBER 16, 2020
These loans often have low interest rates and are accessible to those with poor or nonexistent credit. That’s because you provide all of the collateral for the loan in cash, so it’s not a risk for the lender. You build credit as you pay down the loan, and you can access your balance once the loan is paid off.
Sawin & Shea
JULY 6, 2022
People also frequently make personal guarantees on behalf of another person’s debts, and these written agreements are common when a borrower has a bad credit score. A friend or family member may step in to assist the borrower in obtaining a loan for a car, home, or student loan.
Sawin & Shea
AUGUST 9, 2023
Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. Creditors cannot reclaim any of your property if you default on a loan. However, secured debt means the borrower has put up collateral (e.g. When Should I Consider Declaring Bankruptcy?
Sawin & Shea
JANUARY 25, 2022
Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What is Secured Debt?
Expert insights. Personalized for you.
97 
Let's personalize your content