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Friday Dec 15, 2017, Rabi-al-awwal 26, 1439 Hijri
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Types of Loans and When to Use Them

There are various ways credit is extended to someone in the form of a loan, and there are various types of loans, however, so simplify matters, loans can be divided into one of two categories, secured or unsecured.
A secured loan is a loan that has a tangible, physical item that the loan was granted for, such as a house or car.  Unsecured loans are loans or lines of credit, that there is no collateral or physical object that the loan was used to purchase. 

Secured loans have something that can be repossessed or taken back if the borrower fails to make the agreed payments.  Unsecured accounts do not have anything to repossess.

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