Personal Loans
In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.
In the event of the bankruptcy of the borrower, the unsecured creditors will have a general claim on the assets of the borrower after the specific pledged assets have been assigned to the secured creditors. The unsecured creditors will usually realize a smaller proportion of their claims than the secured creditors.
In some legal systems, unsecured creditors who are also indebted to the insolvent debtor are able (and in some jurisdictions, required) to set-off the debts, which actually puts the unsecured creditor with a matured liability to the debtor in a pre-preferential position.
Under risk-based pricing, creditors tend to demand extremely high interest rates as a condition of extending unsecured debt. The maximum loss on a properly collateralized loan is the difference between the fair market value of the collateral and the outstanding debt. Thus, in the context of secured lending, the use of collateral reduces the size of the “bet” taken by the creditor on the debtor’s creditworthiness. Without collateral, the creditor stands to lose the entire sum outstanding at the point of default, and must boost the interest rate to price in that risk. Where high interest rates are considered usurious, unsecured loans are either not made at all, or are made by loan sharks unafraid of the law.
Oftentimes Unsecured Loans are sought out in cases where additional capital is required although existing (but not necessarily all) assets have been pledged to secure prior debt. Secured lenders will more often than not include language in the loan agreement that prevents debtor from assuming additional secured loans or pledging any assets to a creditor.
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others.[1] This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country’s fiscal approach to corporate debt or Government debt.[2] The process can secure a lower overall interest rate to the entire debt load and provide the convenience of servicing only one loan.[3]
Homeacre-Lyndora
Homeacre-Lyndora is a census-designated place (CDP) in Butler County, Pennsylvania, United States. The population was 6,906 at the 2010 census.[1]
Lyndora was linked to Butler, Evans City and Pittsburgh in 1908 by the Pittsburgh, Harmony, Butler and New Castle Railway, an interurban trolley line. The line closed on 15 June 1931, and the trolleys were replaced by buses.
Homeacre-Lyndora occupies a broad portion of central and northern Butler Township, north and west of the city of Butler. The U.S. Census Bureau locates the CDP at 40°52′10″N 79°55′14″W (40.869461, -79.920460),[2] but it consists of several developed areas separated by forested valleys. The Homeacre portion of the CDP is located on high ground west of Butler, while Lyndora is directly adjacent to Butler in the southeast corner of the CDP, in the valley of Connoquenessing Creek. The CDP is bordered by Meridian on the west and by Shanor-Northview in Center Township on the north.
U.S. Route 422, the Benjamin Franklin Highway, passes through the CDP, leading east 22 miles (35 km) to Kittanning and west 25 miles (40 km) to New Castle. Pennsylvania Route 356, New Castle Road, follows the old routing of US-422, leading east into downtown Butler, and joining 422 in the northwest corner of the CDP. Pennsylvania Route 68 joins PA 356 in the Homeacre part of the CDP, leading east into Butler but traveling west to Connoquenessing, Evans City, and Zelienople. Pennsylvania Route 8 passes through the eastern part of the CDP, interchanging with US 422 and leading south into downtown Butler and north to Harrisville and Franklin.
According to the United States Census Bureau, the CDP has a total area of 6.6 square miles (17.2 km2), all of it land.[1]