Some of latest gizmos would immediately crop up in our minds as most probable of answers. But do these gizmos really deserve veneration that they receive. True, they have revolutionized lives. But they have been characterized with impermanence. Another new invention and earlier invention is nowhere to be seen.

One invention of man which has withstood challenges of time is a home. The earlier users of home might have constructed it just for shelter purposes. But it has assumed new roles in a person’s life. Besides providing shelter, it has become an indispensable status symbol. Home has continued adopting new fashions and styles, and thus still holds same esteemed position that it held in primitive ages.

People revere their houses, and would think twice before taking any step which imperils its existence. Since secured loans entail keeping home as collateral, most people who value their houses would dread taking loan. A single default may lead to ones house being repossessed. And with this all dreams which customer and his/ her spouse may have dreamt with their home as a scenic backdrop fades forever.

This single fact has led a large number of people, including those who do not have luxury of homes, to look for different options, in spite of secured loans offering a much better rate of interest.

“All that is gold does not glitter; not all those that wander are lost”. So said J.R.R.Tolkien, an English novelist and scholar. Going by logic it would be unprofessional to not cater to vast population who do not want to keep their homes to any kind of obligation, or who do not have a home in first place, on grounds that they can cause default in payments.

To fill up this vacuum and to cater to this vast population which was till yet unsatisfied or was debarred from credit process at very initial stages because of absence of home, concept of unsecured loans was launched.

Sometimes it is simply not practical to make a purchase by saving up cash, and that's where a loan can help. Nearly everyone needs to borrow at some time in their life--to finance a house, buy a new automobile or send kids to college. But with so many different types of loans from so many different financial institutions, how do you decide which is best for you?

When you set out to borrow money you are barraged with jargon of banking industry. Revolving loans, points, adjustable rates, bridge loans, beacon scores, amortization and on and on and on. It is important to understand these terms in order to get your best possible deal at lowest interest rates that are currently available. Take some time, research terminology and become a smart money shopper.

Not many years ago, banks were only "boys on block" when it came time to obtain a loan. You got dressed in your finest outfit, got a haircut, and shined your shoes in advance of your meeting with bank manager. Today, loan providers are everywhere. Supermarkets, credit unions, television ads, daily credit card offers in mail, finance companies, and payday loan building on corner. Where do you start? Obviously first question--how much money do I need?--must be answered. If you are shopping for a home, for example, you will not be using a credit card. Here is where your neighborhood bank can help. And even Uncle Sam--if you get a Veteran's Administration (VA) or a Federal Housing Administration (FHA) loan.