About Personal Secured and Unsecured Loans
When an individual?s credit score is below 600, they are considered to be a high-risk borrower. Unfortunately, when this occurs, the individual may experience problems with obtaining a loan from a bank and other traditional financing institutions. Even if the person is a member of a credit union, their loan application can be turned down because of the bad credit score. Although the traditional financing institutions may be off limits for the individual, there are others that will lend this individual money if they have a certain amount of collateral to back the loan. In these cases, the individual will be applying for a personal secured loan. Which means, the person may offer a variety of different assets that they have in their possession. These assets may include valuable jewelry, cars, real estate property as well as other assets. On the other hand, there are also financial institutions that will offer personal Unsecured Personal Loans for those who do not have any collateral to offer. Unfortunately, these loans can have the highest interest rates.
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