econ 1-2 - People borrow money for many different reasons...

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People borrow money for many different reasons. It may be personal, to pay off something, or for a house. There are also many different ways to borrow money. Some of these ways include personal loans, Credit cards, Bank overdrafts, and mortgages. A personal loan is just how it sounds; it is a loan for someone for his or her own personal reasons. To receive a loan you must apply for it and sometime you will need someone to co sign the loan if your credit is not strong enough. There are two types of personal loans; a secure loan and an unsecure loan. A secure loan is where you must put something up for collateral if you cannot pay the loan back in time. In most cases a person’s house is used as collateral. With an unsecure loan you do not have to put anything up for collateral. The interest is usually fixed on this type of loan. Credit cards let you buy the things you need and want now and pay for them when the bill comes later that month. Like a loan you must apply for the credit card.
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