Forms of Loans and personal lines of credit
There are lots of kinds of loans and personal lines of credit: mortgages, bank cards, HELOCs, student education loans, and many other things. Each of them belong to 1 of 2 categories: secured and credit card debt.
Secured personal loans and credit lines
Secured personal loans and credit lines are “secured” since they are backed by some asset that is underlying a house or a motor vehicle. The lender gets to keep the asset if you can’t pay back the loan or default. These types of loans and lines of credit tend to have lower risk for the lender and lower interest rates as a result.
Typical kinds of secured personal loans and credit lines consist of: mortgages, HELOCs, auto and car loans, and investment loans and margin.
Mortgages would be the many typical form of secured loan. These are typically guaranteed with a true home or property. Continue reading “Loan Payment Calculator 2020”