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Credits Will Help Handle Financial Emergencies

Date Added: September 09, 2009 02:58:01 PM
Author: William
Category: Reference: Ask an Expert
We live in a highly competitive time. Every now and again people become jobless and failing to get a new job go on the dole, others are not paid enough and are unable to provide for their families. However, people have to raise kids, do the shopping, go to the dentist, fill fuel tanks, pay innumerable bills etc. Almost every day we spend money. But when the income is low, if any, and we desperately need cash, most of us normally apply for help to financial institutions. There are two main types of credits: secured and unsecured loans. Secured loans are commonly the most suitable means to obtain considerable amounts of money rapidly. A money lender is veyr unlikely to lend you a considerable amount without your repayment obligation. Using your house/apartment or another property as collateral is a secure guarantee that you will do your everything possible to pay back the loan. Secured credits are not designed for new purchases only. There can also be home equity credit or home equity lines of credit or even second mortgages. Such loans depend on the amount of home equity, or the value of your home exclusive of the amount still owed. Your house/apartment is used as collateral and failure to make on-time repayments may result in losing your home. Other kinds of secured credits include debt consolidation credits where a home or personal property is used as collateral. Instead of having a number of - commonly high interest - payments to make monthly, money is lended to pay the original financial organisations off and, consequently, there is only one credit to pay back. This is not only more convenient but it will also save a lot of money over time, because interest rates for secured loans are much lower. A debt consolidation credit commonly includes a still lower monthly payment as well. Unsecured credits contrast to secured loans and deal with things, such as credit card purchases, education credits, or bank notes, which usually require higher interest than secured credits, as they are not backed by collateral. Money lenders risk by giving such credits, with no property to repossess in case of inability to make repayments, thus, interest rates are considerably higher. If you have not been given an unsecured loan, you can still be able to receive secured credits, if you have something valuable or if the purchase you wish to make can be used as collateral.
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