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Unsecured money loans - Unsecured money loans are usually smaller money loans (micro-loans) re-payable in installments, where the lender is given no security for re-payment of the debt. Micro lending as a category of the NCR usually speaks to credit providers that can borrow a maximum amount of R8 000 for a period of up to 6 months.
An unsecured personal loan doesn’t require collateral to get approved. Qualifying is based on your credit score and income. Because of this, you’ll typically need good or excellent credit to ...
Unsecured loans are available as revolving debt — a credit card — or an installment loan, like a personal or student loan. Installment loans require you to pay back the total balance in fixed ...
In fact, many personal loans are unsecured. This means that lenders base approval on your credit score — not an asset. Secured loans, such as car loans or mortgages, are backed by collateral.
"Property" in this context is defined to include "movable or immovable property wherever situate in South Africa." [27] It includes a right of action, unless the action is one that the insolvent is permitted to institute. It also includes property that is, or the proceeds of property that are, in the hands of a sheriff under a writ of attachment.
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. [1]In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pari passu distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured ...
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