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A person who offers to assign an asset as security (e.g. real estate) under a mortgage loan contract. The lender (mortgagee) holds the legal ownership of the security until the loan is repaid and the mortgage is discharged.
Finance-Australia.net
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Unsecured personal loans
Interest rates for unsecured loans are typically higher than for secured loans. Repayment terms for personal loans can range from as little as 6 months
for short-term finance up to 5 years or more. Interest rates will also vary dramatically for personal loans depending on the loan term, the amount of the
loan as well as the individual circumstances of the applicant. Whilst loans of $5000 or more for an applicant with a good credit history over a term of
3 years or more may be available for as little as 15% per annum or less, small, short term loans can attract comparative rates as high as 36% including
fess and charges - depending on the circumstances of the applicant. For example, a $1000 loan over 6 months could require a fortnightly repayment of as
much as $96.92.
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