Things To Consider When Getting A Loan From Loans-express
There are many companies that are offering loans out there and it can get very confusing at times on what type of loan to apply for
. When you decide that you want to take a loan with Loans-express, you want to see the money fast, very fast. But you may want to be cautions before applying for the loan. You may end up with a loan that is not for you and may be prove costly at the end.
What types of loans are available?
There are two types of loans offered by Loans-express. This are secured loans and unsecured loans.
Secured loans
A secure loan is a loan that is backed by something usually known as collateral. This collateral may include and not limited to a house, land or a car among other properties. If you fail to honor the payments as agreed with the lender, then you will have to relinquish the collateral. Something to note also is that once a loan has been taken with the property as guarantee you are not able to transfer or dispose of the property until the debt is fully settled.
Unsecured loans
Loans-express also offers unsecured loans. This type of loans is based on trust that the borrower will fulfill the promise and repay the loan. The lender will assess the applicants credit history and ability to repay back the loan and if he is satisfactorily convinced then he may offer an unsecured loan to the applicant. The promise is enough to secure the loan so there is no additional security required. One type of such kind of a loan is unsecured credit card. The borrower can use the credit card to purchase goods and services in advance without cash and pay back later. Other types include unsecured personal loans normally offered to salaried individuals.
What are the advantages and disadvantages of both loans?
Whatever loan you opt for it has the advantages and disadvantages. For unsecured loans the advantage is that you dont have to worry about loosing your property incase you default on payment. Though you will still be liable to pay back the loan but with loosing your assets. On the other hand a secured loan is normally perfect for borrowers with less than satisfactorily credit rating. The advantage here is that you will be able to get a bigger loan faster than unsecured one. The disadvantage is that when you fail to pay the loan then your asset will be subject to seizure.
Always read the fine print before taking any of this loans at Loans-express; read the terms and conditions before signing any document.
