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In insolvency proceedings, secured lenders traditionally have priority over unsecured lenders when a court divides up the borrower's assets.Thus, a higher interest rate reflects the additional risk that in the event of insolvency, the debt may be uncollectible.Although this article focuses on monetary loans, in practice any material object might be lent.Acting as a provider of loans is one of the principal tasks for financial institutions such as banks and credit card companies.Unsecured loans are monetary loans that are not secured against the borrower's assets.These may be available from financial institutions under many different guises or marketing packages: The interest rates applicable to these different forms may vary depending on the lender and the borrower. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.
A concessional loan, sometimes called a "soft loan", is granted on terms substantially more generous than market loans either through below-market interest rates, by grace periods or a combination of both.The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time.For more information see "Monthly loan or mortgage payments" under compound interest.The duration of the loan period is considerably shorter – often corresponding to the useful life of the car.There are two types of auto loans, direct and indirect.
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The credit score of the borrower is a major component in and underwriting and interest rates (APR) of these loans. Loans to businesses are similar to the above, but also include commercial mortgages and corporate bonds.