The two general categories of loan are secured and unsecured. What are the differences, and which one is right for you?

* Secured Loans

To qualify for a secured loan, you must own something that will serve as collateral – that is, assets the lender can claim in case you fail to make payments on your loan. Usually, lenders require that prospective borrowers own real estate and/or a home. That means that the lender has something to fall back on should you default on your loan. If you own a home or other significant collateral, or if your credit history is less than perfect, a secured loan is an option.

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The old advice about eliminating the middle man is applicable in debt settlement as well. While it's not always a bad decision to hire a third party to negotiate with your creditors for you, it's not always a good idea, either. Here are some of the advantages to doing your debt settlement yourself, as well as some strategies for doing so effectively.

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A debt settlement loan, often based on your home equity, consolidates your loans under a new creditor. For example, say you owe $20,000 in debt, spread across four credit cards with four different interest rates. The new creditor will pay all four of your credit cards, and you now owe the new creditor the $20,000 at one interest rate.

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Many college students yearn to be considered as adults, despite the fact they’re barely out of high school. They often think having a credit card will give them the status they seek. Unfortunately, college students sometimes make bad financial decisions. Here’s how to build a good credit history while in college rather than ruining your credit.

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