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The Facts Behind Unsecured Loans
from:Unsecured loans have been around of many years and are possibly one of the earliest forms of loans. Unsecured loans are not provided based on any type of collateral; rather they are based solely on the lenders belief that the borrower has the ability to pay. In an unsecured loan the lender is taking most of the risk as he or she is counting on the borrower to repay according to the terms of the loan. A secured loan is just the opposite, the borrower provides some type of collateral to basically assure the lender that even if they do not pay the loan as per the terms, the lender will still have the collateral which will be equal or greater in value than the loan itself.
Credit cards are the most common example of unsecured loans. The credit card company provides you with access to specific amounts of credit and in return you are able to buy items with the credit. If you don't pay the monthly bill, the credit card company is not able to simply come and get the items you purchased, all they can do is go through a legal proceeding to try to recoup their losses. Of course unsecured loans such as credit cards charge all borrowers higher interest rates to make up for the people that don't pay.
Typically people with good or high credit scores are more likely to qualify for an unsecured loan. Those individuals with bad credit or a poor history of making payments are far less likely to either qualify for unsecured loans or be able to get an unsecured loan at a reasonable interest rate. Think of unsecured loans as personal loans, which will help make sense of why some people are more likely to qualify than others. In all reputable loan companies your credit report will be pulled and reviewed, so being honest on the loan application is important. Know what your credit score is before applying for a loan to better understand your position with regards to getting a loan.
If you have bad or poor credit, there is still a possibility of getting an unsecured loan or even possibly using some type of collateral for a secured loan. Different banks and lenders may be willing to work with you for a loan, depending on how much you wish to borrow and if you have a good work history or possibly even a co-signer. Some companies will work with individuals with poor credit but a solid work history or those that are willing to work with the lender to rebuild their credit through the use of secured credit cards.
Chase Education Loans News
Fool for Higher Education - Inside Higher Ed
Fool for Higher Education Inside Higher Ed With this gloomy prediction, Chase, America's largest bank, appears to agree. Chase just announced that it will stop providing student loans to those who are not its customers. Bad student-loan debt at the bank has increased 72 percent since 2009. |
Lawmakers Gave Millions from Mortgage Settlement to Local Governments - LoanSafe
Lawmakers Gave Millions from Mortgage Settlement to Local Governments LoanSafe On two occasions she applied to modify the loan but was denied by her bank, JP Morgan Chase, one of the five banks that are part of the settlement. Slade, 62, eventually moved out of the house because it needed a repair she couldn't afford. |
This Company Tried To Make It Seem Like Payday Loans Were A Cool New Trend - Business Insider
 Business Insider | This Company Tried To Make It Seem Like Payday Loans Were A Cool New Trend Business Insider Not coincidentally, perhaps, Think Finance offers payday loans in a number of states through a product called PayDayOne. In Texas, for example, PayDayOne's $1200 14-day payday loan comes with $298 in fees and interest -- an effective APR of 648.74%. |
Student-loan debt collection criticized in report - San Francisco Chronicle
Student-loan debt collection criticized in report San Francisco Chronicle With $67 billion of student loans in default, the Education Department has hired 23 private debt-collection companies to chase borrowers. They include Pioneer Credit Recovery, a unit of SLM Corp., the largest student-loan company, known as Sallie Mae. |
Despite Concern, Banks Give Student Loans the Old College Try - Wall Street Journal
 Wall Street Journal | Despite Concern, Banks Give Student Loans the Old College Try Wall Street Journal The cost of college continues to rise and private student loans provide financial flexibility beyond government student loans, said Brendan Coughlin, the president of RBS Citizens' education finance business. "I don't believe" student lending "is the ... |