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Credit Claims For Kansas Marketing And Advertising Professionals: Attorney Support For Financial Stability – Loans and other forms of financing available to consumers fall into two main categories: fixed and unsecured debt. The primary difference between the two is the presence or absence of collateral to protect the lender in case the borrower defaults.
Secured loans are loans where the borrower offers some property as collateral for the loan. A secured loan means that if it is not repaid, the lender can seize the property to collect the money it has advanced the borrower.
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Common types of credit for consumers include mortgages and car loans, where the property being paid for becomes collateral for the loan. With a car loan, if the borrower fails to pay the loan on time, then the lender will take ownership of the vehicle. When an individual or business takes out a mortgage, the related assets are used to repay the repayment terms; in fact, the lender (mortgage) retains ownership of the property until the mortgage is paid off. If the borrower fails to make payments, the lender can seize the property and sell it to recover the loan, or at least a portion of it.
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A home equity loan or home equity line of credit (HELOC) is another type of secured loan, backed by the borrower’s home. Homeowners can get a traditional mortgage and a home equity loan or a HELOC on the same property at the same time.
Similarly, businesses can take out loans using real estate, capital equipment, books, loans, or cash as collateral.
Because of their lower risk, unsecured loans often have higher credit requirements. For example, a credit score of 620 is considered good for getting a conventional mortgage, while the Federal Housing Administration (FHA) government has set the cutoff to be lower, to 500. As with unsecured loans, however, the better your credit score, the lower your interest rate or the more money you’re allowed to borrow.
The primary difference between a secured loan and an unsecured loan is the presence or absence of collateral—something that protects you in the event of default on the loan.
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Unsecured debt: No security, as the name suggests. If the debtor defaults on this type of debt, the lender must file a lawsuit to try to collect the debt.
Lenders provide loans based on the borrower’s creditworthiness and promise to pay. Therefore, most banks charge higher interest rates for these so-called signature loans. Additionally, credit and loan-to-income requirements are stricter for these types of loans, and the loans are only available to the most attractive applicants. For example, you typically need a credit score of at least 670 to qualify for an unsecured personal loan.
In addition to bank loans, examples of unsecured debt include medical bills, certain commercial payment agreements such as gym memberships, and balances on most credit cards. When you get a piece of plastic, the credit card company gives you a line of credit with no strings attached. But you pay high interest rates on the loans to justify the risk.
An unsecured debt instrument such as a bond is backed by the credibility and credit of the issuing entity and is therefore more risky than the secured bond, its asset-backed counterpart. Because the risk to the lender is higher than that of a secured loan, the interest rates on an unsecured loan are higher.
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Government debt can be a special issue. For example, US government treasury bills (T-bills), although unsecured, have lower interest rates than other types of debt. Because the government has the power to print more dollars or levy taxes to pay its obligations, this type of debt instrument cannot be risk-free.
From the lender’s point of view, the loan is better because it is less risky. From the borrower’s point of view, the loan is held if they cannot pay. On the plus side, though, the interest rate is lower than an unsecured loan.
Although most credit cards are unsecured, some lenders also offer secured credit cards. With a secured card, the cardholder sends money to the bank, which becomes the credit limit for the card. Unsecured credit cards are often used by people with no credit history or no credit history so you can get credit and end up with a bad credit card.
Although personal loans are considered unsafe, they can be. Examples of the type of property that can be used as collateral for a personal loan include cars, boats, jewelry, stocks and bonds, life insurance policies, or money in a bank account.
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Loans can be secured or unsecured. Loans require some type of collateral, such as a car, home, or other valuable asset, that the lender can take if the borrower defaults on the loan. There are no strings attached loans except that the borrower must be creditworthy in the eyes of the lender. Generally, the interest rates are lower than loans based on free cash because they involve less risk.
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Kansas is the nation’s top economic investment per capita, making it a great place to start your business. The Sunflower State is also ranked as the best business climate in the Great Plains region, ahead of Missouri, Nebraska, Iowa, Minnesota, South Dakota, and North Dakota. With a great location, affordable housing, and national research universities, it’s easy to see why so many entrepreneurs are starting a business in Kansas. Here are eight steps to achieve it.
Every business started as an idea. Some great business ideas focus on a new product or service and others succeed by improving existing offerings. Ask yourself the following two questions before deciding on a project for your small business:
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Every business needs a reputation. An effective business name creates the first impressions of your customers and brands about your offerings. Keep the following in mind when thinking of a name for your Kansas business:
Business ownership is not a walk in the park. It requires discipline and perseverance. Guide your business in the right direction with a comprehensive business plan. Carefully crafted business plans outline operational goals, plan growth, set financial goals, and establish metrics for success. If you need inspiration, take a look at a sample or example. Most include:
Your business in Kansas can take one of three business structures: a sole proprietorship, a limited liability company (LLC), or a C corporation. Each has its own benefits, administrative requirements, and tax laws. Here is the difference between them:
Sole proprietorships are informal business structures. No legal paperwork or separate accounting system is required, and owners keep all of their profits. It is not recognized that sole proprietors are legal entities, so if the business is sued, for example, the owner can pay damages from his savings (which is why many sole proprietors have bank accounts separately for personal and business expenses). Kansas sole proprietorships are ideal for sole proprietors in low-risk businesses without employees.
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A limited liability company (LLC) is a formal business structure owned by a group of LLC members. LLCs provide personal asset protection, meaning the owners’ assets are not at risk if the LLC is sued. Many small business owners prefer LLCs because these legal business entities offer personal liability protection without the double taxation of a corporation. Most will use an LLC operating agreement to form the company
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