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Sunday, July 1, 2007

Secured loans

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan. The loan is thus secured against the collateral — in the event that the borrower defaults, the lender takes possession of the asset used as collateral and may sell it to regain the amount originally lent to the borrower.

As the loan is secured, the lender is relieved of most of the financial risks involved; he may thus offer attractive terms for the borrower on interest rates and repayment period.

One attractive type of secured loan that is normally only available at a bank or credit union is the savings secured loan. In this type of loan, the borrower must have a savings account with the lender. A portion of the money in this account is used as collateral to secure a loan equal to the amount pledged. This money is then frozen in the account but continues to earn interest. As the loan is repaid the secured portion of the savings account is freed. This has advantages for both the lender and the borrower. If the borrower defaults on the loan the collateral is already in the lender's possession so it is a very low risk. As a result, the lender usually offers a much lower interest rate. The disadvantage of this type of loan is that it is limited by the available fund in the savings account.

A mortgage loan is a secured loan in which the collateral is property, such as a home.

A nonrecourse loan is a secured loan where the collateral is the only security or claim the lender has against the borrower, and the lender has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.

A foreclosure is legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

A repossession is a process in which property, such as a car, is taken back by the creditor when the borrower does not make payments due on the property. Depending on the jurisdiction, it may or may not require a court order

from:
http://en.wikipedia.org/wiki/Secured_loan


Forex Demo

Forex Demo


A forex (foreign exchange market) simulator is a software program that enables foreign currency exchange traders and students to expedite their learning and understanding of currency exchange. Unlike a live forex demo account that functions in real time, a forex simulator enables users to upload, view and review historical data at any given point in time. Used to confirm one's understanding of pattern recognition and trading signals, data can be rewound and fast forwarded to test and retest one's knowledge and understanding.

Online Trading

Online trading community

An online trading community exists to provide its members with a structured method for trading, bartering, or selling goods or services. These communities often have forums and chatrooms designed to facilitate communication between the members. These communities are sometimes described as the electronic equivalent of bazaars, flea markets, garage sales, and so on.