Personal Finance

Secured vs. Unsecured Loans

When it comes to taking on debt, there’s two main types of loans. In today’s post we’ll review what the difference is, why you should consider a secured vs. unsecured loan, and which type your current debts fall under. #1. Secured loans A secured loan means that you need to put up an asset – such as a house or car – as security for the lender. This is considered “collateral” meaning that if you are unable to pay back the loan the lender has the legal right…

Read more…

Personal Finance

Credit Union vs. Banks

A credit union is very similar to a traditional bank – it provides loans and other financial services (checking, savings accounts, mortgages, credit cards) to its customers. Another commonality is that credit unions’ customers deposits are federally insured $250,000 per depositor. But that’s about where the similarities end. Benefits of Credit Unions While most banks are owned by shareholders and are typically for-profit organizations; credit unions on the other hand are non-profit and typically owned by their members. Since credit union members own the credit union, they get…

Read more…