Question 1

What is the difference between secured and unsecured loans?

Accepted Answer

Secured loans require collateral (house, car) and offer lower rates because the lender can seize assets if you default. Unsecured loans have no collateral, higher interest rates, and approval based primarily on creditworthiness.

Question 2

What is an electronic debit card?

Accepted Answer

An electronic debit card (also called an EBT card or e-debit) typically refers to cards used for government benefits like SNAP (food stamps) or cash assistance. It works like a regular debit card but accesses benefit funds rather than a personal bank account. The term can also refer to any standard debit card used for electronic transactions.

Question 3

How can I improve my credit score?

Accepted Answer

Pay bills on time, keep credit utilization below 30%, don't close old accounts, limit new credit applications, dispute errors on credit reports, diversify credit types, and maintain consistent payment history over time.

Question 4

What is a personal loan?

Accepted Answer

A personal loan is an unsecured loan from a bank or lender for any purpose. You receive a lump sum and repay with fixed monthly payments over a set term (typically 2-7 years) at a fixed or variable interest rate.

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Frequently Asked Questions

What is the difference between secured and unsecured loans?

What is an electronic debit card?

How can I improve my credit score?

What is a personal loan?

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