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Differences Between Secured and Unsecured Loans

The differences between a secured loan and an unsecured loan are quite simple: the former requires collateral in the form of guaranteed assets, and the latter doesn’t. For example, let’s say you are trying to obtain a mortgage to buy a new home. What collateral do you have that would satisfy the bank’s requirements. Conversely, if you were going to buy a car, your home could be used as collateral. But consider the ramifications if you cannot repay the loan. While it may be easier to lose your new car; it would be much more difficult to lose your home. So when applying for loans, the safest best is to apply for an unsecured loan.

Alternative to Unsecured Bank Loans

As you may be aware, banks are very skittish about lending these days. It takes a credit score of well over 700 for banks to even give your application due consideration. What’s the alternative to an unsecured loan? Payday loans! With a payday loan you could have bad credit or no credit and still obtain a loan up to $1000. In fact, if that isn’t enough, you can refinance and tack on another loan through the same payday loan companies we highly recommend. They include: Assurance Payday Loans; Borrow When You Need It; Cash Advance Micro Loan; and Downtown Money Advance. All you have to do is to fill out the online application, have an income, and a bank account and the money can be transferred to your account once the application is approved. No credit check is required.

Payback Is Not a Witch!

You have several options to payback the payday loan. You can pay it in full upon receiving your next month’s paycheck; you can renew the loan and pay the interest and fees only; or you can renew the loan and pay the principal and some of the interest. The best part of applying for a payday loan is that the money will be transferred to your bank account within one business day and the process takes minutes. In other words, when you apply online for a payday loan, you will be matched with a lender who will tell you in seconds whether or not your loan is approved. It’s just that simple. Forget about dealing with banks that may give you a hard time, and forget about putting up stocks or valuable assets as collateral – apply for a payday loan. It is the most convenient way to obtain a loan today and is by far the safest and most secure online transaction you’ll ever make.

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