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Types Of Microloans

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Microloans can be availed by anyone who has a business idea and a good credit score. Microloans are available in several formats. They can be offered by a bank, an organization or can be availed from a credit card company. Some of the most common microloan formats are: There are two types of microloans: 1. Unsecured: Unsecured microloans are those that do not require any collateral as a form of security. The loan can be used to get a business started or to buy equipment or inventory. 2. Secured: Secured microloans are those that require a small amount of collateral as a security. This can be a car, a boat, a piece of real estate or even a personal computer. The key to getting a secured microloan is to find something that can be used to secure the loan and is also something the borrower can afford to lose.
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