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Credit Maze: Find The Most Suitable Loan Type
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It is interesting to know that most of our modern terminologies engaging money have source in the Latin or Greek languages. The word ”credit” has been taken from the Latin word “Credo” which more or less decodes to “I Believe”, a perfect meaning to strengthen a tradition of trust that comprises monetary transactions. In the days of yore, borrowing and lending money were simply performed by assurance through the spoken word than the written word. In olden days, credit did not essentially engage money and the term was used to explain barter exchanges of services and goods.
However, in the current economy, the term credit signifies a deal involving money. In the present time, long drawn agreements and contracts, most of them worded with authorized terms that are away from the understanding of normal people, complete the obligations of receiving and lending. There are several online portals like Credit Maze gives you an option to read about different types of loans and even apply for the one that suits you.
Credit actually refers to payment at a later date or deferred payment for receipt money, goods or services. The deferred payment, also known as late payment, is what known as “debt”. Credit is given by a lender or creditor to the borrower or a debtor. A particular sum of money provided to an individual for family, education, household, vehicle and personal purposes is named “a loan”, also known as consumer lending, consumer credit or retail lending.
Let us understand the wide categorization of consumer loans:
1. Secured Loans: This is the category of loans, you “secure” a home, an asset, car or any guarantee that can be employed to recuperate payment if you fail to pay the assured payments.
2. Installment EMIs or Loans: These are remunerated at regular intervals, typically on the monthly basis. The longer the reimbursement period, more the cash flow as calculation of interest rate show a discrepancy.
3. Single Loans: These are also known as bridge loans or interim loans; as the word implies that they are for short-term finance necessity. These special single loans are required to be paid at the end of loan period in a whole sum that also include rate of interest.
4. Unsecured Loans: These are those loans that do not necessitate guarantee and generally given only to borrowers with top-class credit histories and rating, more often high net worth people, companies and interest rate are compounded.
5. Variable-Rate Loans: These loans have lower rate of interest and there is the clause of adaptable rate of interest valid at periodic intervals of the loan-period.
Several companies are there which offer you different types of above mentioned and other types of loan. You just need to find out the company that can guide you the right type of loan according to your requirement and purpose. You don’t need to worry much about the loan as these are issued as soon as you fulfill all the requirements. They charge very less amount as a part of their assistance.
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