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]
Coral Springs
Coral Springs, officially the City of Coral Springs, is a city in Broward County, Florida, United States, approximately 20 miles (32 km) northwest of Fort Lauderdale. As of the 2010 United States Census, the city had a population of 121,096.[5] It is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people at the 2015 census.
The city, officially chartered on July 10, 1963, was master-planned and primarily developed by WCI Communities, then known as Coral Ridge Properties, a division of Westinghouse. The city’s name is derived from the company’s name, and was selected after several earlier proposals had been considered and rejected.[6] Despite the name, there are no springs in the city; Florida’s springs are found in the central and northern portions of the state.[7]
During the 1970s, 1980s, and 1990s the young city grew rapidly, adding over 35,000 residents each decade. Coral Springs has notably strict building codes, which are designed to maintain the city’s distinctive aesthetic appeal. The city government’s effective fiscal management has maintained high bond ratings, and the city has won accolades for its overall livability, its low crime rate, and its family-friendly orientation.
Coral Springs is a planned community. Prior to its incorporation as a city in July 1963, the area which is now Coral Springs was part of 20,000 acres (81 km2) of marshy lands bought by Henry Lyons between 1911 and 1939. After several floods in 1947, Florida created the Central and Southern Florida Flood Control District (now the South Florida Water Management District). Canals and levees drained much of the area upon which Coral Springs was built. After the land was drained and cleared, most of the area was used as a bean farm. After Lyons’ death in 1952, his heirs changed the focus to cattle.[8]
A post-World War II real estate boom in South Florida attracted the interest of developers. Coral Ridge Properties, which already had several developments in Broward County, bought 3,869 acres (16 km2) of land from the Lyons family on December 14, 1961 for $1 million.[6]The City of Coral Springs was chartered on July 10, 1963. Other names that were considered for the new city included “Curran Village,” “Pompano Springs” and “Quartermore”. By 1964, the company had developed a master plan for a city of 50,000 residents. On July 22, 1964, the first sale of 536 building lots netted $1.6 million. The landmark covered bridge was built that same year to promote the town. In 1965, Coral Ridge Properties bought an additional 6,000 acres (24 km2) from the Lyons family, increasing the city’s land area to 16 square miles (41 km2). The first city government elections were held in 1967.