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Why apply for a secured personal loan?

You can surely see, with all these benefits, it’s hard not to consider Personal Loan when you need a loan. To take full advantage of it, you must make sure you get the best deals on interest rates, collateral valuation, repayment terms, etc. Always explore your options and familiarize yourself with the terms and conditions before settling down on any one. There’s something for everyone!!!

Secured Personal loan are safer and easier to obtain than the unsecured ones. Secured Personal loan are those loans that you can avail of by placing collateral with the creditor. Collateral is a security you place with the lender until complete repayment. It can be in the form of property, your home, a vehicle, etc. In case of secured loans, if the entire loan amount is not repaid as per the credit agreement, the lender can pursue you through the legal system; however, this is the worst case scenario. By placing collateral, the element of risk for the creditor is radically reduced; this being demonstrated by the low interest rates offered on these Secured Personal loan. The amount that becomes available through the loan can be put to use in any form as per your desire it could be for higher education, home improvements or to pursue that long lost dream.

Benefits of Secured Personal loan:

Secured Personal loan have a wider Loan market and you can definitely find a Secured Loan customized to your needs. Self employed and unemployed also have a chance to get loans for they have collateral to back their needs.

Secured Loans are easier to obtain than Unsecured Loans because creditors will always prefer the option with security.

Personal Secured Loans are backed by collateral, most lenders approve loans even in cases of defaults, county court judgements and arrears. This makes secured loans available to those who would otherwise not qualify for a loan from their local bank.
Secured Personal loan come with a lower rate of interest because of the security placed with them. Interest rate is termed as APR (Annual Percentage Rate) and is normally 12% to 15%.

If you have exceptional credit history and good financial standing you can expect amounts ranging up to 125% of your property value.

Depending on the value of collateral, lenders offer large sums ranging from $5,000 to $20,000 or more, with a repayment term of 3-6months.

Personal Secured loans are approved as soon as the borrower’s reliability and the collateral offered are verified through a credit check.

A Personal secured loan can help you to free up equity that would otherwise remain dormant in your property, letting you make use of capital that would otherwise remain unobtainable

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