Secured loan good credit Colorado

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Calculation example: with a loan amount of USD 100,000 at 10% per annum, for a period of 1 year, the total amount to be repaid will be equal to: USD 105,499.06, with a monthly payment: USD 8791.59. The consequences of not paying the loan are regulated by the legislation of USA.

    Security or mortgage loan

    This is a loan secured by real estate. It is pledged to the bank until the full repayment of the loan. In this case, the person is called the borrower, the bank is called the lender, and the property is called collateral.

    After applying for a secured loan, a person continues to use real estate: he can live peacefully there, register relatives in an apartment, and, with the consent of the bank, rent out living space.

    But without the permission of the bank, it cannot be sold, donated, or carried out other transactions. This is possible only after the client repays the loan and the bank removes the collateral.