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BL Unit IV Assessment 2 of 3
Essay Instructions:
Compare and contrast unsecured credit and secured credit, and explain the key differences. Provide an example for each that is not presented in the textbook. Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in APA style
Text book is The Legal Environment of Business and online commerce 7th edition by Henry R. Cheeseman
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BL UNIT IV ASSESSMENT 2
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BL UNIT IV ASSESSMENT 2
Credit would refer to as any money given to an organization, government, business and or individuals by a bank or any other financial institution (Cheeseman, 2004). It is an arrangement made between the lender and the customer establishing the credit limit that the customer may borrow against. In credit there are two major types of credit namely secured and unsecured. Herein are the major differences between the two as well as their comparison.
The major similarity between secured and unsecured credit is that they both have a credit limit. This is to say that the lender and the customer have to agree on the amount that the customer must receive against (Mathur, 2003). However, there are numerous differences between the two types.
One of the major differences is the presence of collateral for the credit. This is the asset placed as the security for the credit (Cheeseman, 2004). In secured credit, the lender requires a security or asset to sta...
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