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Typically, the borrower makes a Promissory Note which pledges or agrees to pledge some asset as collateral and also sets the terms for paying interest and principle. If the lender is a bank, it is typically advancing you its own credit (the check) in exchange for you extending your credit to it (your Note). The bank ideally gets interest and you get purchasing power you wouldn't otherwise have if you attempted to give your IOU directly to a merchant.
What else can I help you with?
If a car is reaffirmed and the secured to lender amount is 7500 and 3086 is unsecured is the secured paid under bankruptcy or owed by the buyer?
Reaffirmation of a secured loan means the borrower is responsible for repaying the entire debt. Not certain what "3086 is unsecured" means.
Can you explain how a cash secured loan works?
A cash secured loan is when you borrow money from a lender, using your own savings or investments as collateral. This means if you can't repay the loan, the lender can take your savings to cover the debt. It's a way to borrow money with lower risk for the lender, so they may offer lower interest rates.
When a promissory note is used when financing a home with a national bank who owns the note the borrower or the lender?
The borrower "gives" the note to the lender... so the lender owns the note which, by definition, simply means the promise to pay a sum certain within a particular time. Therefore, the lender can sell the note!
What does a secured site mean?
it means its secured and you cant get into it!
If your finance company refuses to take back the vehicle after bankruptcy can you just leave it at the dealership?
Its done every day of the year. No. Even if the dealership would let you,(never happen)it is still your responsibility. Apparently the lender feels they can collect the debt by other means. Secured lenders have the option of negotiation or collection of the debt in full. Bankruptcy does not relieve you of secured debt, unless it is agreed upon by the lender.
Do you have to put a deposit on a secured credit card?
Yes, the fact it is "secured" is what that means.
Is equal housing lender liget?
"Equal Housing Lender" means that they claim to follow the law.
What does it mean when your mortgage company has released its lien on my home after a bankruptcy discharge?
It means your property (real estate) is no acting as collateral for the loan that you took out. Secured loans have collateral attached, such as a home or vehicle which the lender can reposses if you don't pay. Unsecured loans have no collateral (such as credit cards), therefore if you don't pay, all the lender can due is sue you in court.
What secured with WEP means?
Well Endowed Playa
What is the definition of an ATM processor?
An ATM processor is an Automatic Teller Machine Processor, i.e. a machine that, when you insert a card, gives you means of exchange, or money.
What does failure to repay loan mean?
Failure to repay a loan means that the borrower has not made the required payments according to the terms of the loan agreement. This can lead to various consequences, including damage to the borrower's credit score, potential legal action from the lender, and the possibility of the lender seizing collateral if the loan is secured. Ultimately, it signifies a breach of contract and may result in additional financial burdens for the borrower.
What does standardized exchange value mean?
to exchange something
