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We are able to have many reasons to opt for a loan, such as unexpected expenses, a grouped family wedding, refurnishing a house or even conference educational expenses in a foreign state. We may need loans for most reasons, but the kind of loan that we desire depends completely on the circumstance in which we want the loan. Those that need significantly less than $25,000, and also have good credit history prefer short term loans.

PAY DAY LOANS are usually considered for the purpose of short-term money. These loans are especially suitable for people who do not have satisfactory credit rating. Payday loans are in fact short-term loans that are considered against earnings and must be paid back as soon as the salary is received. The customer must fulfill certain characteristics, so that he becomes qualified to receive this type or kind of loan. Proof of getting of at least three months combined with the proof of age group being above 18 years must be posted to the insurance company. This kind or kind of loan is best suited for crisis purposes, but not suitable for rendering it a long-term or a regular source of financing.

Secured Loans are more suitable for long-term purposes:

Secured loan is another option for those people also, who have an unhealthy credit history. Since this is a anchored loan, it is more suitable for many who have a home. The procedure is quite similar, as the lenders just give money against the equity in a home. The house can be either mortgaged or fully had, however the loan is provided on the basis of such a genuine home. The interest rates on such loans are low and the repayment periods are too long usually. There are loans which may be repaid in quite a while period even stretching up to 30 years. The representatives of the lending company determine the house, on the basis of which the loan is provided, in order to select the valuation of the property. There are lots of lenders, who lend approximately 125% of the valuation of the house, others may settle at 85% of the equity value.

The Negative Collateral Trap

The primary problem that exists with the loan would be that the interest rates of the loans may rise and fall with the value of property. In case there is the property value dropping, there is a go up in interest rates and the home owners find themselves caught in a negative equity. This negative equity has the effect of increasing the amount of repayments. This isn't good for the financial health, and has may damage the credit history of the customer.