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Credit Score For Loans

In life there are many occasions where obtaining a loan will be a necessity in life. Loans create the path for a borrower to make a purchase when either all the necessary cash is not available or a borrower prefers not to use their own cash. A vast variety of loans exist for a variety of situations. Common types of loans are: car loans, mortgages, student loans, business loans, and personal loans. Loans can also be secured - needing something as collateral to ensure re-payment of the loan. Also a loan can be unsecured - issued based on good credit standing. Timely re-payment of a loan can assure a positive notation on the person's credit report. Prompt re-payment also may lead to being able to obtain larger loans at lesser interest rates. Loans can fall into one of two categories; close ended - which is a loan set for repayment within a specific period of time ; that can be 36, 48 or 60 months, or open ended - which is a line of credit that leaves money available even when not in use. When applying for any loan it is important to remember: a loan is a contract and it is a legal obligation, there are legal repercussions if not paid (default), and interest and other fees will be applied to the total amount of the loan so the repayment amount will be considerably more. A person's credit score can affect the ability to obtain a loan. If the credit score is low the chances of obtaining a loan are slim. But, there are lenders willing to transact loans with no credit check loans. Also there are sub prime lenders who are willing to approve a loan but at a higher interest rate. Collateral loans also work for a person with a low credit score. An equity loan is an example of a collateral loan; the equity in your home is used as collateral for the loan. The equity in a home comes from the difference between the market value of a home and the mortgage amount. A lender may be more apt to loan funds if some form of collateral is used to obtain the loan.

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