Go Back To Search Results Question what are unsecured Personal loan, unsecured personal line of credit, and secured loan? Can someone please breakdown each three different types of loans and how you would pay for them? 10 points to best answer. Thanks a lot! By phillip Posted on 04/17/10 Total Answers 4 Answers- An unsecured personal loan is a loan that is given based only on your credit report. There is no collateral or anything the bank can hold until you pay. You have to have VERY good credit to get this. Because it is a loan (rather than a line of credit) - you get the whole amount and make payments until it is all paid off. Then the account is closed. An unsecured personal line of credit is the same thing but it never ends like a loan does. It's really an available line of credit that you can use and you only pay back what you use (like a credit card) That is called revolving. You can have a $40,000 line of credit but you may only use $5000 of it whereas if it was a LOAN and you got the whole $40,000 - you would have to make monthly payments on the whole $40k. With a line of credit - you have ACCESS to the money but only have to pay it back when you SPEND IT. A secured loan is a loan that is "secured" by something the bank owns until you pay off the loan. A car is a secured loan. These are easier to get because if you don't pay, the bank has something they can take away and sell to recover the money. A mortgage (home loan) is a secured loan as well because the bank can take your house if you don't make your mortgage payments. :) Answer by : CreditMaster On Date 2010-04-17 18:57:58 hi If you looking for a legitimate online loans in 1 Hour.once approved your loan will be transferred directly to your checking account promptly, and securely. Now you'll be able to use the cash for all your necessities. http://bestonlineloancompanies.com • 100% secure and processing • No faxing -No credit check • Immediate online approval • Excellent customer service • Get Cash in Minutes! Good luck!.................. Answer by : Joesh On Date 2010-04-17 19:11:07 Philip Unsecured means that the loan is not collatrealized by security. The unsecured loan is a loan payable over a certain number of months, Usually at a fixed rate, with a fixed monthly payment amount. Once the loan is paid off you owe nothing, and to get more money you must reapply for credit. All the money is disbursed and used by you upon signing. An unsecured line of credit is an amount set aside for your use. No set ,monthly payment, a variable rate of interest. You monthly payment is based upon how much you owe. You have a minimum monthly payment to make if there is a balance outstanding. You may pay as much as you wish. The line of credit is your to use for years an years. You can run it up, pay it back. it will be there when you need it. A secured loan and line is the same as above, but uses specific assets for collateral. If you default you lose the asset. You can use a savings account, c.d., stocks and bonds.... a car loan is a typical secured loan. Stock and bond secured are regulated transactions which require you to keep a certain value relative to the loan / line size. So if the stock values drop, you may to give them additional stock to hold,or pay down on the loan Soccerref Answer by : SoccerRefToo On Date 2010-04-17 19:57:18 Here are some answers for personal loan: http://answers.yahoo.com/question/index;_ylt=AsR1r5Xp4c3F.tZog1tuhPzty6IX;_ylv=3?qid=20080610220704AAj2D7u&show=7#profile-info-HmaUniqTaa Answer by : Wor T On Date 2010-04-19 03:12:06   Go Back To Search Results