Why Should You Get A Secured Loan?

Great Benefits

Are you looking for a way to get that extra money you need? If so, a secured loan may just be the answer for you. It is much easier to get a secured loan than it is to get an unsecured loan, since you are actually providing collateral for the loan.

If you have a home that you can offer as collateral, you more than likely will qualify. Some Lenders can offer you up to 85% of the value of your house.  Much better than any remortgage. Not sure whether this type of loan is for you? Here are a few benefits.

Lower Payments than Most Unsecured Loans
Repayments are generally lower than they are with an unsecured loan. When you have to borrow some money, the last thing you want to do is to have to stretch to pay a large repayment. If you need the convenience of a low monthly repayment, the secured loan may be the best choice.

More Money to Borrow
You can usually borrow more money. Lenders are more likely to lend large amounts when they know that their risk is covered by the collateral offered.

Repay Over a Longer Period of Time
You can repay over a longer period of time, up to 30 years. Most unsecured loans only allow you a short period to pay back the full amount.

Available to Those with Bad Credit
Even if your credit is less than perfect, you can usually get accepted by a Lender. If you can offer collateral, you are more likely to be accepted by a Lender, in spite of your bad credit.

Competition is fierce in the Lender market and bad credit is becoming less and less of a obsticle.

Lower Interest Rates
Most of the time you will also find that the interest rates are lower than the interest rates for unsecured loans. Lenders feel that you are a lower risk when the loan is secured, and lower interest rates will reflect this policy.

Conclusion
While there are many great benefits to getting a secured loan, there is one very importnat aspect to be aware of. It is important that you are cautious before lending, if you are not able to make the repayments, you will lose the collateral that you provided. Unless you can really afford to make those repayments each month, this may not be the best option for you.

Be sure to check that the repayment amounts are within your monthly budget before committing to a Lender. If they are, a secured loan is great option.

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