Loan, Mortgage and Cash Advance >> Type of Loan

here are two types of loans, namely, secured and unsecured loans.

Secured loan

Secured debts are loans which have collateral attached to them in the form of a lien. A lien is a monetary claim against a property to be fulfilled before repeat ownership can take place. In other words, it means that the right to take other person's property if an obligation is not discharged. An example would be a loan on your house. The mortgage company owns the house until you have fulfilled the lien (mortgage) by paying off the amount you owe to them. Thus secured debts are not negotiable in any way. Mortgages (1st, 2nd & HELOC) and Car Loans are two common examples of secured loans. Get free consultation to tackle secured loans.

Unsecured loan

Unsecured Debt broadly arises from a binding agreement you enter into with a creditor, which helps you to obtain services or goods on credit in exchange for your verbal or written commitment to pay the creditor back. This is a debt not kept collateral by any tangible possession and commonly includes medical bills, credit cards, commercial debt, consumer debt and personal loans. If you drop off on this type of debt, the only way left for a Lender is to take legal action. Calculate your total debt using debt calculation form and start winning over your debt. Debt consolidation is applicable only with unsecured loans.

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