Recourse vs Nonrecourse Loans: What You Should Know

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Recourse Loans
Examples of Recourse Loans
Nonrecourse Loans
Examples of Nonrecourse Loans
Are Personal Loans Recourse or Nonrecourse?
Recourse Loan Vs. Non-Recourse Loan: Which Is Better?
Credit History
High Debt-to-Income Ratio
Lower Interest Rate
Approval Requirements
The Takeaway
Frequently Asked Questions
Photo credit: iStock/Dmitry Kopylets
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About the Author
Ashley Kilroy is a personal finance expert with years of experience in radio, newspapers, magazines, and online content. Her work has appeared on websites including Forbes and Yahoo Finance. Ashley writes on a variety of personal finance topics for SoFi, including student loans, taxes, and insurance.
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