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Unsecured Loans
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Loan commonly means ‘borrowing of money’ from banks or financial institutions. There are different types of loans including the most widely known loans such as Secured and Unsecured loans. Secured loan means borrowing against some collateral securities while unsecured loan does not require any mortgage of assets like immovable properties. People having assets but not willing to mortgage it for loans have the option of going for unsecured loans. The major difference in secured and Unsecured Loans is the Rate of Interest-ROI which is on the higher side in the case of an unsecured loan as compared to a secured loan. Due to increasing demand for different types of loans, the number of lenders, as compared to the number of borrowers, is perhaps higher resulting in competition. Different lenders offer different schemes with different rates of interest, following which the borrower is the ultimate beneficiary.
The borrower has options for negotiating and bargaining rate of interest and the equated monthly installments-EMIs too. They can choose the convenient options of repayments and even utilize the borrowed amount for an extended period of time. So far as unsecured loans are concerned, it may always poise an increased amount of risk for the lenders as they may not have any securities against the funds lent. In the case of the borrower turning to defaulter due to any reason, the lender has literally no option but to take legal shelter against his borrower and remain contented with the lawful settlements only. Only if the borrower has sizeable and regular source of income, and requires that to meet the lump sum expenditures like marriage, owning new house, buying some valuable items like jewelry or car, should one consider taking loans. But at the same time, so far as possible he should avoid taking secured loans to safeguard his assets or property. While taking any loan the borrower must precisely exercise working on the rate of interest supposed to be charged and the repayment options that may not disturb his routine livelihood budget. There is
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