Without a doubt about kinds of Loans and credit lines

Without a doubt about kinds of Loans and credit lines

There are numerous forms of loans and personal lines of credit: mortgages, charge cards, HELOCs, student education loans, and more. All of them get into 1 of 2 groups: secured and credit card debt.

Secured personal loans and credit lines

Secured finance and credit lines are “secured” since they’re supported 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.