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A secured loan is when the person making the loan, possibly you, uses collateral, such as a car, a watch, your property, i.e, to make the loan. Example, you go into a bank and ask for $3,000 loan. They say, hmm, you might want to make a secure loan, seeing as you don't have great credit. You can put your car up, so that if you don't pay the loan on time, we get your car. It's simple.
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∙ 10y ago
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Where can one get a secured loan?
Most banks will offer secured loans as part of a savings or CD plan. Car/title loans and payday loans are effectively secured loans with the vehicle and the check draft serving as the security.
Where can one find rates for secured loans?
One can find rates and reviews for secured loans in bank websites. Also, one can find rates and reviews from peers who might have needed secured loans.
Where can one find secured loans in the UK?
Sources for secured loans in the UK are varied and not hard to find. Nemo Personal FInance, Prestige Finance, and Shawbrook Bank are the top three institutions for secured loans. Many other smaller personal finance companies offer secured loans as well.
Are secured loans not credit cards looked at any differently than unsecured loans when applying for a mortgage?
Because secured loans are loans that are secured on your property, they are looked at totally differently when applying for a mortgage, in most cases the mortgage lender will probably want you to repay the secured loan before approving your mortgage
How do secured home improvement loans differ from other loans?
Home secured loans have a higher maximum term than other loans. Lower interest rates, flexibility, lower payments and more lender options are benefits of a secured home improvement loan.
What happens for non payment on secured personal loans?
Personal loans
Can people get secured loans if they have bad credit?
Yes, it is possible to obtain secured loans with bad history at www.loan-for-bad-creditx.com.
Where can I get secured loans in the UK?
There are many different financial institutions where one can get a secured loan in the UK. HSBC, Barclays, Lloyds and Nationwide will all potentially offer secured loans.
Where can one find secured commercial loans?
One can find secured commercial loans on websites like The Military Loans, Inc, Secure Loans Comparison, Canstar, International Commercial Loan or the Bank of America.
Which companies offer the best rates on fast secured loans?
The Loan companies that offer the best Interest rates on secured loans are Nemo Loans who offer between 5.7% - 6.7% on there loans. The second choice would be Prestige Loans where they offer a 6.75% on loans.
Where might one find low cost secured loans?
One can find low cost secured loans from multiple loan companies. One may also be able to acquire low cost secured loans from one's bank branch as well.
Do you pay more interest on unsecured loans than on secured ones?
Interest rates are typically higher on unsecured loans rather than on secured loans. This is because there is no collateral backing the loan.
