Unsecured Loan

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Unsecured Loan

An unsecured loan is a type of loan that is not backed by collateral, meaning the borrower doesn't have to pledge any assets (such as a house or a car) as security for the loan. Instead, approval for an unsecured loan is typically based on the borrower's creditworthiness, financial history, and ability to repay the loan. Since the lender doesn't have specific assets to seize in the event of default, unsecured loans generally carry higher interest rates compared to secured loans.
Common types of unsecured loans include personal loans, credit cards, and certain types of student loans. It's important for borrowers to carefully review the terms and conditions, including interest rates, fees, and repayment schedules, before committing to an unsecured loan.

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Superior Loan Services

A mortgage loan is a type of loan specifically used to finance the purchase of real estate, such as a home or a piece of land. In a mortgage agreement, the borrower (the person seeking the loan) pledges the property being purchased as collateral to secure the loan. This means that if the borrower fails to make the required payments, the lender (usually a bank or a mortgage lender) has the right to take possession of the property through a legal process known as foreclosure.

1993 - 2017

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The term of a mortgage loan is the length of time over which the loan is repaid. Common mortgage terms include 15, 20, and 30 years. The longer the term, the lower the monthly payments, but the more interest is paid over the life of the loan.