Loans Deals with Financial Problems
Government has made a very important financial dealing by creating LOANS. Loans basically are the debts which one has to pay after the time period of the Loan has finished. The borrower takes the money from the lender (can be any organization or any bank) which they pay, and a genuine loan interest has to be paid by the borrower.
It can be said that it is a legal process of monetary dealings with the borrower and the lender which he has to pay back. There are two types of loans:-
Secured Loans
Unsecured Loans
Secured Loans are those types of loans in which the borrower pledges some assets(property, building, home etc) as a collateral for the loan. Secured type of loan has an advantage over the unsecured one, that the loan will be given back to the lender (as he has the assets of the borrower).
Unsecured Loan are those types of loans that are not secured against the borrowers assets.