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Why are personal loans so much more expensive than mortgages?

Kathy Robinson

in Student Loans

1 answer

1 answer

Blair Lewis on March 24, 2018

The personal loans are much expensive than mortgages because there is no security associated with them. A mortgage holder can always take the house. If someone is late on a personal loan what can you get? Usually, the person will have very little to remove that is not mortgaged. That is why we have high rates of interest usually ranging from 16% to 22% to compensate for the risk.

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