The interest rates on these loans are often higher than on secured loans and you generally will not be able to get a tax deduction for the interest paid. However, the costs to obtain an unsecured loan are usually lower. And the relative ease of getting this type of loan makes it popular for small projects costing $10,000 or less. The lender evaluates applications based on credit history and income.
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Multicultural Corner by Oscar Gonzales, Ph.D.
RISMEDIA, September 8, 2008-Turn on the nightly news, open the morning paper or click on your favorite news blog and the story of the current decline in the housing market and credit crisis is front and center. Indeed, we are entering “uncharted waters.” But what does it all mean to the […]