There is no certainty in life and none can predict what will happen the next second. Every minute is uncertain with abundant unexpected situations thrown at life. These situations or circumstances can be related to any aspect including health issues, financial matters, or real life experiences. Some circumstances require a huge amount of finance to overcome the unexpected and you may not have the required funds tucked in your bank account. At such point of life a personal loan is required to meet unforeseen expenses.
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There are many types of personal loans categorized on the basis of loan amount, loan tenure, and interest rate. The three significant types are secured loan, unsecured loan, and line of credit.
A secured loan is a loan in which the borrower has to offer or pledge some asset like a car, home, or land in the form of security to ensure timely payment of the loan. Banks and financial organizations easily issue this loan because they have collateral with them until the time the borrower pays back the entire loan amount with interest. If in case the individual fails to repay, the financer repossess the asset in order to pay off the loan amount. This is one big disadvantage of a secured personal loan. On the other hand, there is one key advantage and that is lower rate of interest which eventually results in lower monthly installments.
An unsecured loan is the one that does not require any kind of security or guarantee against the borrowed loan. Such a loan is given for small amounts and is issued only if the borrower has good credit. As there is no security with the financer, the rate of interest is comparatively higher than that in case of a secured loan.
Line of credit is another significant type of personal loan. It is a type in which a bank or vendor offers a pool of money that the borrower can use for a specified period of time. Depending on the need and requirement the borrower can draw upto the maximum limit during the specified time period after the amount of credit is determined. It can be secured as well as unsecured. The best part of this type is that the interest is paid only on the money actually withdrawn.
For more information, check Personal Loan.
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