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| Basic Finance |
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If You Lose Your Wallet |
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| If you lose your wallet, it’s important to file a police report and to notify your bank immediately. When you contact your bank, provide them with a copy of the police report and case number. You may need to close your accounts and move your funds to new ones to protect your money. Be sure to cancel your ATM card as well. Get a new one and set it up with a new personal identification number (PIN). You should also ask your bank to contact the major check verification companies because they need to notify stores not to accept any further checks from your account. Cancel all of your credit cards, and notify the three major credit-reporting agencies. Ask them to put a fraud alert on your credit report. For contact information for the three major credit-reporting agencies, visit: | | |
Loans - Finding the Money You Need
Different Types of Loans Banks and credit unions usually offer more than just checking and savings accounts. They can also offer a variety of loans, which are typically categorized as secured or unsecured loans. When you are considering taking out a loan, be sure to shop around and compare fees, interest rates and repayment terms before making a decision. Unsecured LoansWhen you apply for a loan that is unsecured, the lender believes you can repay the loan based solely on your financial resources. Therefore, the lender does not require any legal rights to a specific asset (called “collateral”), like your home or car, as security in case you become unable to repay. With an unsecured loan, you usually pay higher interest rates and are allowed to borrow less money. The most common types of unsecured loans are: - Personal Loans
- Personal Lines of Credit
- Student Loans
Secured Loans A secured loan is usually for larger amounts. A secured loan requires rights to a specific asset to ensure repayment. For example, to obtain a home equity loan, you must give the lender rights to your home as collateral. If you are unable to repay the loan, the lender can take possession of your home in order to recover the amount of money you didn’t repay. Secured loans usually offer lower interest rates, higher borrowing limits and longer repayment terms than unsecured loans. Examples of secured loans are: - Home Loans
- Home Equity Loans
- Home Equity Lines of Credit
- Auto Loans
- Small Business Loans (most small business loans are secured by the assets of the business)
- Home Improvement Loans
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