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Secured loan – It is a loan where the borrower will pledge his asset just like a vehicle or dwelling that can be sold if he is unable to pay out again the loan.
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How Are Loan Payments Taken care of? You’ll realize that all lenders have their procedures, schedules, and conditions for loan repayment. You should go through your loan arrangement and be sure that you recognize the terms contained inside it.
Co-signer – Someone who willfully signs a loan agreement Together with the borrower and partly assumes obligation of repayment of the loan.