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Joint Liability Group is a group of 4-10 people of the same village or locality of homogenous nature and of the same socioeconomic background who mutually come together to form a group for the purpose of availing loan from a bank without any collateral.
It’s possible to find a personal loan secured with collateral like a CD or another non-liquid asset — for example, Upgrade is a digital lender that offers a choice of an unsecured loan or one ...
Personal loan – A personal loan is a loan which can be taken to meet unspecified financial needs, such as a wedding, travel, or medical emergencies. [1] The interest paid on a personal loan is in most cases higher than that payable on secured loans.
[5] [6] It provides small loans (known as microcredit or "grameencredit") [7] to the impoverished without requiring collateral. Grameen Bank is a statutory public authority. It is originated in 1976, in the work of Muhammad Yunus , a professor at the University of Chittagong , who launched a research project to study how to design a credit ...
Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.
Unsecured business loans offer quick access to funds without offering collateral. A business might pursue an unsecured business loan for things like: Working capital : Manage cash flow ...
An unsecured business loan is any loan that doesn’t require collateral. These loans can be faster than secured business loans because you don’t have to wait to appraise an asset.
A loan waiver is the waiving of the real or potential liability of the person or party who has taken out a loan through the voluntary action of the person or party who has made the loan. [1] Examples of loan waivers include the Stafford Loan Forgiveness program in the United States and the Agricultural Debt Waiver and Debt Relief Scheme in India