Thinking to buy a luxury car or thinking for going abroad or worried about children marriage. Is one of them is your dream. Everyone in this world see dreams. But along with the dream they also have a fear that might be dream may not come true!! And if your fear is just because of finances then personal loans can help you out.
Basically, Personal loans can be acquired in two ways
Secured personal loan
Unsecured personal loan
Secured personal loans are generally taken on large amount. It can be taken only against any asset given as collateral. Ownership remains with the borrower itself. In case repayment is not made on time the lender has the legal right to liquidate the asset to recover the money. On the other side unsecured personal loan does not need any collateral against loan. It is taken on smaller amount.
On evaluating both sides of coin. Secured personal loan offers less rate of interest as compared to unsecured personal loan. As the lender feel secure on the part of repayment of loan amount. And also the repayment period of loan is longer in secured personal loan.
Secured personal loan can only be taken up by asset holders....
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