Tuesday, December 22, 2009

Unsecured Consolidation Loan - is it Better Than a Secured Loan?

Have you applied for your unsecured consolidation loan? Or still wondering whether a secured loan is better for you?

I understand how difficult it is to take this decision because a wrong decision can cost you worries for some more years when it comes to money.

But I gone and taken this decision and it is this:

An unsecured consolidation loan.


Actually if you are asking this question then be assured that this will be the most important question for your bright financial future. Almost 90% of people who are in deep debt are not even bothered to ask this question.

I decided to take an unsecured consolidation loan because of 3 main reasons.

* The biggest advantage will be that it does not require collateral i.e. I would not lose my home if I fail to comply with the loan terms due to any reason.
* Getting an unsecured loan is much easier than a secured one since it involves less paper work. It also takes lesser time to process these types of loans as it does not involve any collateral.
* The most amazing advantage of an unsecured loan is that I can include the unsecured loan under bankruptcy when I default and can still save my home since no collateral is required here. However, if I file a bankruptcy and I also have a secured loan where I have used my home as collateral, I may end up losing my home.

Warning: Take your own decision based on your current financial condition and do not go my decision about taking an unsecured consolidation loan.

Source: ezinearticles.com


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