HUMS 202 Lecture Notes - Lecture 9: Savings Account, Home Equity Line Of Credit, Home Equity Loan
1 Nov 2016
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Loan to own part 1 installment loan basics loan paid in equal monthly payments types of installment loans: secured is one where the borrower offers collateral, in this case the car, for the loan. If borrower doesn"t pay as agreed, lender may tak the collateral. Mortgages and home equity loans are examples of secured installment loans. Caution if collateral cannot be sold for enough to reapy your loan, you are still responsible for: remaining balance, any fees and interest associated with the loan, unsecured. Can be used for variety of personal expenses, like bill consolidation, education expenses, or medical expenses is no collateral requirement for an unsecured loan terms of loan might range from 1-5 years. Since credit cards have become populatr, use of unsecured consumer installment loans has declined. Benefits generally include fast approval times lower interest rates than credit card rates.
