Understanding Personal Guarantees A personal guarantee refers to an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Lenders often require personal guarantees for business loans as it provides an…
Understanding Credit Score In financial terms, a credit score is a numerical expression reflecting the creditworthiness of an individual or business. It is based on the analysis of their credit files and credit history. Lenders use this score to evaluate…
What is a Loan Against Property? A loan against property (LAP) is a type of secured loan where the borrower’s property is used as collateral. This loan type is popular due to its lower interest rates and flexibility in usage.…
Understanding Collateral To comprehend the concept of collateral, it’s essential to grasp its definition. Collateral is an asset or property that a borrower offers to a lender as a guarantee to secure a loan. In the event if the borrower…
When financial emergencies come up, personal loans can serve as a viable solution. However, the disheartening experience of a loan rejection can add to the distress. Understanding why loan applications get rejected is the first step in strategizing your successful…
