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An unsecure loan is a loan agreement that does not include any collateral on the part of the borrower, against which the lender grants the requested money. Large loans and mortgages are rarely granted without collateral, which can be either property (movable or immovable) or the borrower's assets.

There are several classifications of loans, so let's consider the most common one. According to it, there are three loan categories: bank, commercial and state. In its turn, bank loans are divided into personal, mortgage, loan on overdraft, factoring, forfeiting and intrabank loans. Commercial loans may be of the following types: signature, trade and advance. Finally, the state category is subdivided into state loan, subventions, grants, transfers and state tax loan.

For checking your loan status through Small Business Administration, you can contact SBA hotline and address consultants any question you have. In case you applied via the COVID-19 portal, SBA specialists will call you, as well as you might be able to use a pay-free hotline.

Broadly speaking, a security loan is a credit granted by a financial institution against the security of the borrower's property or assets. A security loan, in turn, has several varieties and classifications, in particular, regulating the extent to which the borrower is liable to the lender in the event of default.

You can check the status of the loan using specific tools offered by the financial institution you choose. As a rule, the most common tools to check the loan status are a call to the hotline, SMS request, request via messengers (Viber, Whatsapp, Telegram) or logging into a personal account on the website.

To be able to apply for an FHA (Federal Housing Administration) loan, you must meet some strict requirements. Specifically, your FICO (Fair Isaac Corporation) score must come within 500 to 579 with 10 percent down or 580 and higher with 3,5 percent down. Also you should demonstrate verifiable history of employment for previous 2 years.

A Parent PLUS Loan is a federal loan program administered by The Federal Student Aid. Under this program, parents can take out loans to pay for their children's education. What makes these loans special is that they are unsubsidized and involve an origination fee.

By saying 'bad credit loans' we mean loans for people with bad credit history or no history at all. As a rule, they involve higher interest rates and more restrictions when compared to regular loans. The reason is that bad credit history means more risks creditor. Yeah, that simple. By the way, 'bad credit loan' is an unofficial name for such type of loans, so don't expect to find them among credit companies' services.

A monthly payment consists of a payment of principal and accrued interest. The principal to interest ratio may vary. If a borrower is delinquent, penalties and late payment charges may be added to the payment. There are two ways to calculate a loan: annuity and differential. To calculate the approximate amount of the payment before the loan is taken out, all you need to know is the loan amount, the interest rate and the term of the loan. It is important to consider that in fact the loan may include a number of other payments, such as for insurance or informing about the transactions. This will be specified in the loan agreement. And in general to calculate the monthly payment you can always use a loan calculator.

Collateral is a guarantee for the lender to get all the funds due under the loan agreement. In case the borrower does not fulfill his/her obligations or does not fulfill them to the full extent, the corresponding debt is to be repaid at the expense of the collateral. Collateral can be represented by residential and non-residential real estate, motor vehicles, precious metals, securities, etc. However, in fact, banks determine the list of property taken as collateral when granting loans. The property pledged as collateral under the loan must be necessarily evaluated.

Loan default is a default on a loan agreement, i.e. failure to timely pay interest or principal on a debt obligation or under the terms of a bond issue agreement. Consequently, a person who defaults on a loan is considered a loan defaulter. Penalties for loan defaults are applied according to the type of loan and the specific terms of the contract.

An FDA (Federal Department of Agriculture) loan means a government low-interest loan system designed for people who are unable to take advantage of a standard mortgage. The main features of FDA loans are that there is no down payment and that the borrower may only purchase a home in clearly designated rural or suburban areas.

A 5/1 arm loan is actually an adjustable-rate long-term mortgage. If talking about the meaning of '5' and '1' figures, it is as follows. '5' means five years during which you have a fixed interest rate, and '1' means one year, which states frequency of changing of your interest rate after the expiration of the first five years. Sometimes these changes might be significant, so you have to start paying way more than before.