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Secured loan – This can be a loan where by the borrower will pledge his asset like a motor vehicle or dwelling that can be sold if he is unable to spend back again the loan.
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Extending the repayment phrases of the loan might lead to extra interest paid, as well as late fees, which may significantly increase the total amount you pay back again on the loan. Normally, loan renewal insurance policies are regulated from the point out govt. Learn more regarding your states procedures in regard to loan renewal, and carefully read the lender’s phrases just before signing a loan contract.
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