Click here to close now.

Welcome!

News Feed Item

Personal-Loan.com Puts an End to the Secured vs. Unsecured Debate

To end the ongoing confusion and debate on secured vs. unsecured loans, Personal-Loan.com releases new tips.

 

 

 

MEMPHIS, Tenn., Feb. 12, 2014 /PRNewswire-iReach/ -- Even seasoned borrowers are unsure when deciding on the type of loan to apply. The debate about opting for unsecured versus secured loans, traditionally within the domain of academicians, is now making inroads into the discussions of common consumers. While some contest that unsecured loans are better due to the fact that no collateral is required, others claim that secured loans come with higher approval statistics and relatively lower interest rates.

To solve the debate, Personal-Loan.com released its recommendations at http://www.personal-loan.com/Secure-unsecured-loans.html

The newly-unveiled recommendations make a deliberate attempt at educating consumers and borrowers about the subtle differences and pros and cons between the two types of loans. Each has its own share of nuances, according to the release.

http://www.personal-loan.com estimates that over seventy percent (70%) of borrowers prefer to opt for unsecured loans, if they qualify during the application process, whereas nearly thirty percent of borrowers choose secured loans either due to personal preferences, financial circumstances, or credit issues.

Each type of loan has its own share of benefits and drawbacks.

The primary foundation of secured personal loans is that they require some form of collateral (asset) as pledge from the borrower. As a result of the hedge, lenders consider these loans to be relatively "less risky" and often reward consumers in way of lower interest rates, longer repayment periods, higher approval rates, and relaxed credit score requirements. Typical applications of secured loans include auto loans, home mortgage loans, and other forms of secured loans.

On the other hand, unsecured personal loans do not require any form of asset or collateral to further the approval process. As a result, approval rates tend to be lower and credit score requirements tend to be more stringent. Incidentally, unsecured loans tend to be shorter in duration when compared to secured personal loans. Unsecured personal loans are often used in applications, such as short term loans, cash advance loans, payday loans, and other loans with a duration of ten years or less.

"On average, we have seen consumers swinging either ways but consumers generally prefer the convenience of not having to pledge collateral when possible. Unfortunately, credit score standing plays an important role in such situations and those individuals who need to rebuild their credit after an extensive hit often opt for secured loans as a safe starting point," explains Lisa Stinson, who founded the site Personal-Loan.com to help disheartened borrowers qualify for short term and long term loans.

Personal-Loan.com is one of the few sites where borrowers can apply for both secured and unsecured personal loans. With an intuitive user interface and easily accessible tools, users can complete the online loan application process within just a few minutes. Furthermore, funds are directly deposited into the individual's bank account within hours. A robust network of lenders powers the core functionality of the process at the site.

Media Contact: Lisa Stinson, Personal-Loan.com inc, (872) 222-9076, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

 

SOURCE Personal-Loan.com inc

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.