The perception of secured loans may not always be a positive one. What are some of the advantages associated with an individual obtaining a secured loan versus an unsecured loan?
What will be an ideal response?
The need for secured loans has, at times, been a topic for debate. Those opposed to secured loans argue that the terms of the loans along with the right of the creditor to repossess or foreclose on the collateral cause undue hardship for the debtor. Proponents of secured loans point out that secured loans on cars, household goods, and homes provide the debtor with several advantages, including more lenient purchase terms, lower prices, and lower interest rates. These types of loans also benefit the creditor in that they lower the risk of nonpayment on the loan. The interest rates on most unsecured credit cards are exorbitant compared to the interest rates on mortgage loans and car loans as of late.
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