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Passbook loans are secured loans that use your savings account balance as collateral. These loans can be a convenient way to borrow money while rebuilding your credit, as some lenders report ...
Also referred to as a “passbook loan” or “certified pledge loan, a share-secured loan uses the assets in a share account, otherwise known as a savings account, to back up the loan.
This means that when you apply for a secured loan, the lender will need to know which of your assets you plan to use to back the loan. The lender will place a lien on that asset until the loan is ...
In the United Kingdom, all banks and building societies are required by law to provide a bank statement on paper or in another durable medium to customers, [5] unless where the customer has a passbook, is a customer of an online only bank or has elected not to receive paper statements. [6]
A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account. The Post Office Savings Bank introduced passbooks to rural 19th-century Britain. Traditionally, a passbook was used for accounts with a low transaction volume, such as savings accounts .
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. . While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings b
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
A personal loan is money that you borrow to cover a one-time expense. The most common reason people use personal loans is to pay down high-interest debt, thanks to their relatively low interest ...