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What is the difference between a collateral loan and a home equity loan?In: Home Improvement |
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OFFHAND I WOULD SAY THERE IS NO DIFFERENCE.
WITH A HOME EQUITY LOAN, THE COLLATERAL THAT YOU OFFER TO THE LENDER, IS YOUR HOME.
WITH A COLLATERALISED LOAN, YOU PUT UP SOME OTHER ITEM THAT YOU OWN,
MAYBE A CAR OR STOCKS OR BONDS IN ORDER TO OBTAIN A LOAN.
First answer by JIM L. Last edit by JIM L. Contributor trust: 15 [recommend contributor]. Question popularity: 14 [recommend question]
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