10 Jun '11, 9pm

Things to note about unsecured loans

Loans have evolved over time, and while Singaporeans are familiar with secured loans such as mortgage or car loans, they may find themselves less savvy when it comes to unsecured loans. So what is the difference between secured and unsecured loans? For secured loans, the lender holds the rights to the assets you have pledged as collateral. This can be your home or vehicle. If you fail to repay your loan and if the sale of those assets is insufficient to cover the loan, you have to make up the outstanding amount. When it comes to unsecured loans, collateral is not required, thus the lender will not have direct access to your assets. However, loan amounts are typically limited to four to six times the applicant or guarantor's income. Interest for unsecured loans also tends to be higher than that of secured loans ranging from 5 per cent to 18 per cent per annum. WHEN DOES AN ...

Full article: http://www.todayonline.com/Business/PersonalFinance/EDC11...

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