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Without a doubt about kinds of Loans and credit lines

Without a doubt about kinds of Loans and credit lines

There are various kinds of loans and personal lines of credit: mortgages, bank cards, HELOCs, figuratively speaking, and more. Each of them belong to 1 of 2 groups: secured and credit card debt.

Secured personal loans and personal lines of credit

Secured personal loans and credit lines are “secured” since they are backed by some underlying asset like a house or a motor vehicle. The lender gets to keep the asset if you can’t pay back the loan or default.