You may have heard that you can get a better interest rate or other terms on bad credit loans if you secure them with collateral. However, you may not understand what collateral is or its role in securing a loan. Put simply, collateral is anything of value that the lender can use to get the money that he or she is owed if you miss one or more payments. Lenders will generally accept almost anything of value as long as…
You may have heard that you can get a better interest rate or other terms on bad credit loans if you secure them with collateral. However, you may not understand what collateral is or its role in securing a loan. Put simply, collateral is anything of value that the lender can use to get the money that he or she is owed if you miss one or more payments. Lenders will generally accept almost anything of value as long as…
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