Examples of Unsecured Debt and Consequences of Not Repaying

Unsecured Debt pic
Unsecured Debt
Image: nssfl.com

Founder of The Loan Corporation, Harry Hedaya possesses expertise in retail residential loans. Additionally, Harry Hedaya specializes in debt resolution and leads a prominent unsecured debt resolution company in Florida.

When a person applies and receives approval for a loan that requires no collateral, he or she accrues unsecured debt once they use the funds. Student loans, medical expenses, and utility bills are common forms of unsecured debt. Other types include back rent and income taxes as well as department store credit cards and court judgments that have not progressed to the point of wage garnishments.

Though collateral such as a personal residence or vehicle cannot be repossessed if the borrower fails to fulfill their financial responsibilities, the contractual agreement stipulates that delinquent payments may be reported to credit bureaus. In more severe cases, a creditor can file a lawsuit to recover money. If a judgment is approved, a borrower can expect a creditor to receive access to personal income information to determine what bank accounts and wages will be garnished to recoup funds. A borrower at risk of a judgment or in need of unsecured debt resolution should contact qualified professionals to help remedy the issue.

Loan Corporation Listed on Entrepreneur Magazine’s Top 500

Entrepreneur Magazine’s Top 500 pic
Entrepreneur Magazine’s Top 500
Image: entrepreneur.com

Harry Hedaya possesses over 20 years of experience in investment and finance management, and previously served as the president of the Loan Corporation. Under Harry Hedaya’s leadership, the California-based direct mortgage lending firm was listed on Entrepreneur Magazine’s Top 500 under his leadership.

Entrepreneur’s Top 500 released its first listing 37 years ago and continues to operate as one of the top performing comprehensive franchise rating systems worldwide. Inclusion on the list requires companies and business to undergo a thorough examination based on objective and quantifiable factors for managing a franchise operation, such as the number of years in business, startup costs, litigation, and termination percentage. The listing places emphasis on the importance of growth rate and financial strength and stability. Analysis of financial data is performed by an independent certified public accountant

In addition to the top overall franchises, Entrepreneur’s Top 500 also releases annual listings based on other characteristics. These listings include top low-cost franchises, fastest growing franchises, and top global franchises.

For more information on the Entrepreneur’s Top 500 list or to view the most recent list, visit entrepreneur.com/franchise500.