What is the difference between a loan and a line of credit? Secured vs. Unsecured?

Answers:1   |   LastUpdateAt:2012-09-09 20:17:02  

Question
maharaj
Asked at 2012-09-01 23:34:02
What is the difference between a loan and a credit line ? Secured vs. unsecured ?
Answer1kanaeAnswered at 2012-09-09 20:17:02
A loan is a fixed amount that you borrow with a fixed payment for a period of time. A line of credit is a certain amount of money you can borrow up at any time , and you pay only the interest on it , as I say to buy vehicles to be resold . You only pay the interest until you sell the car , and then pay the principal amount and the balance of the credit line . Middle guaranteed that the lender has guaranteed , something that will take if you do not make payments , such as a car or a house . Unsecured basically means a signature loan , which have nothing to be taken in case of default. We must have very good credit to get an unsecured loan , or signature .
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