Article by Steve C Clark
Unsecured loans are - 'The credit rating or financial position of the applicant is such that no security for the loan is required'. An unsecured loan carries less risk to the borrower due to the fact that his/her property is not used as collateral or security for the lender. Borrowers will not normally lose their property if they cannot afford to keep up repayments.It is called unsecured because the loaned amount isnot secured
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