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To appraise something is to determine its value. When applying for a secured personal loan, a lender usually requires an authorised appraiser to assess the value of an asset before it can be pledged …...
An asset is an item or a property of value that can be pledged by a borrower as collateral for a secured personal loan. As collateral, the asset can be repossessed should the borrower default on thei…...
Also called a "security", a collateral is any asset that a borrower pledges to a lender when applying for a secured personal loan. Having a security gives lenders greater assurance that the…...
A comparison rate is often said to reflect the true annual value of a personal loan. Aside from the loan amount, the comparison rate accounts for the interest rate, application fees, processing fees,…...
Credit mix refers to the variety of borrowings appearing in a person's credit report. Ideally, you want to have a good credit mix of different types of loans. ...
A credit rating is a number that represents a person's financial history and current creditworthiness. A credit score is influenced by factors like credit mix, debt history, early and late repay…...
Defaulting on a personal loan means being more than 60 days overdue for a total repayment amount of at least $150. ...
This is an option to withdraw money from any extra repayments you have made on a personal loan. ...
When an asset is repossessed, it's taken away by a bank or a lender to recoup funds from a defaulted secured loan. ...
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