So many times, people run out of money. They require money urgently for one thing or the other. One of the most convenient ways to get money is to ask friends and relatives for help. If you cannot get money this way, you have to look out for an alternative source. There are many people who have surplus of money. Such people, called lenders, lend money to those who are in a need for it. People who take out a loan are called borrowers.
This service is not free of cost. Borrowers have to repay the loan along with an additional amount known as interest. The interest is charged as a certain percentage of the loan amount. This percentage is known as the rate of interest and depends upon several factors. The most important factor is the type of loan.
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Loans are of two types – secured and unsecured. The rates of interest on unsecured loans [http://www.easy-debt-consolidation-loan.co.uk/unsecured-debt-consolidation-loan.htm] are higher than the rates on secured loans. Although unsecured loans carry high rates of interest, yet they are very popular among borrowers. This is because there is no need to put up a security to obtain an unsecured loan, whereas secured loans require a property as a security. Thus, the lender does not have any claim over the borrower’s property in case of an unsecured loan. Another benefit of an unsecured loan is that once your loan application gets approved, you get the loan very quickly.
There are several methods of repayment of unsecured loans. You may repay the loan in the form of installments at regular intervals. Each installment comprises the principal as well as the interest elements of the loan amount. In another method of loan repayment, only interest is paid at regular intervals and the original loan amount is repaid at the end of the loan period. In a third method, the entire loan amount, along with its interest, is repaid at the end of the loan period.
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