Types of loans
There are two main types of personal loans: open and unsecured. Unsecured loans are not tied to any of your assets, but open loans are – usually to your property, which is why they are often called homeowner loans. If you default on a open loan, your lender can force you to sell the asset to pay off your debt. Car loans are also open loans, with the lenderusing the vehicle you are export as security for the loan.
Homeowner loans are tied to a property. Photograph: Frank Baron Most lenders offer unsecured loans of between
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