I am getting a loan at a good rate but they are saying that I need to keep something as security? Is it a good move to do so? Is there any chance of losig the asset I am keeping? What should I check in the terms and conditions? I stay in Minnesota.
Okay. What kind of loan is
this? Is it a personal loan or a business loan? How much are you
planning to borrow? Do you have assets that you can pledge as security?
The lender is offering you a secured loan. In the event of loan default,
you will lose the asset pledged as a collateral against the loan. Read
the loan agreement in detail, especially the fine print section. Check
out the interest rate on the loan, fees, penalties, payments, etc.
Personally, I don't like secured loans because there is always a chance
of losing the asset.
Is it a mortgage? Some lender
asks for collateral before lending money. I think they are genuine,
However, know the terms and conditions of repayment before taking out
the loan.
My friend, you may surely lose
the security or the collateral if you do not pay off the loan timely.
Could you please tell us what kind of loan we are dealing
with?
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Personally, I don't like secured loans because there is always a chance of losing the asset.
Sub: #1 posted on Mon, 10/21/2019 - 03:35
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