Here are a few key points about loans to cover with your teens:
There are two basic types of loans: secured and unsecured.
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Lenders make money on loans by charging interest.
Your loan's interest rate type can impact your ability to afford payments, so fully understanding the loan's terms and conditions is vital.
In addition to loan interest, borrowers may also be responsible for other fees and charges that are outlined in the loan agreement and that can
significantly boost the overall loan cost.
Each type of loan has numerous lending options available.
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