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Creditors tend to demand extre mely-high interest rates as a condition of exte Personal Loan nding unsecured debt.
The maximu m loss on a prop erly-colla teralized loan is the diff erence between the fair market value of the coll ateral and the outs tanding debt.
Thus, in the co ntext of secured lending, the use of col lateral reduces the size of the "bet" tak en by the creditor on the debtor's cred itworthiness.
Without collate ral, the creditor sta Personal Loan nds to lose the entire sum out Personal Loan stan ding at the point of default and must boost the inter est rate to pr ice in that risk.
If high intere Personal Loan st rates are considered u surious, unsecured loans would other wise not be made at all.
Unsecu red loans are often sought out if additi onal capital is req uired alt hough existing assets have been pled ged to secure prior debt.
Sec ured lenders more often than not inc lude langua ge in the loan agreem ent that prevents debtor from assuming additio nal secured loans or pledging any assets to a creditor.
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