An unsecured loan is a loan that is not backed by any collateral. If you go to a bank for a loan, the bank will ask for collateral or security to safeguard against the risk of default for example your house. In case you default, the bank can recover the amount of the loan by selling your house.
An unsecured loan does not require you to present security before the loan is dispersed to you. However, there is a high-interest rate attached to it. Since the bank is unsure of your financial status and there is a high risk about getting default, to compensate this bank charges a high-interest rate as compared to a secured loan.
Fab is being liquidated under Chapter 7 of the bankruptcy act.
Montoro petitioned himself into voluntary bankruptcy. There were three major claims
Mr. Tolen made the following interest payments. Determine the extent
10. Which of the following will not normally be found under
