![]() Unsecured– The borrower is not required to place collateral as part of the loan agreement.Often the collateral is a vehicle or a 2nd mortgage put on a home. Secured– The borrower is required to put collateral down in case of default.Fixed-Rate – The interest rate remains the same during the course of the repayment period.Co-Sign – When the borrower has bad or no credit and needs someone else to be liable in case they do not pay.The lender may be a bank, financial institution, or an individual – the loan agreement will be legally binding in either case. Interest is the cost of a loan and is calculated annually. The borrower will be responsible for paying the lender back plus interest. ![]() Table of ContentsĪ personal loan is a sum of money borrowed by an individual that may be used for any purpose. State Usury Rates – The maximum interest rate allowed in a state. ![]()
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