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| Thursday, September 4, 2008 |
| Secured Loans - Use Your Asset to Secure Your Loans and Get Easy Repaying Terms |
Secured loans are best loans if the borrowers have the capabilities to produce collateral to be kept against the loan amount. These loans offer bigger amount, lower interest rate and convenient repaying deals for the borrowers. These loans are secured using the borrower's assets like car, jewellery, house, policies, etc. If the borrowers fail to pay back the amount, lenders possess the right to sell the asset kept to take the amount.
The loan amount is high. It can be £1,000 to £75,000. Some borrowers may get a larger amount if lenders feel confident enough regarding borrowers repaying ability. Secured loans are long term loans which allow the borrowers longer period of time to repay with smaller monthly installments. The duration is 5 to 25 years. The loan is calculated after the amount is decided. The tenure is different with the different loan amount. The rate of interest is not high as it is for unsecured loans. Different lenders offer different interest rates. These loans carry 7% to 10.99% interest rates.
Secured loans can be obtained from banks, online lenders, lending companies and financial institutes. The borrowers need to be careful in choosing the lenders. A good research should be done before coming to any decision to avail a loan with lower rates and easy repaying terms.
The borrowers with good and bad credit history are both allowed to apply for these loans. The borrowers must the capabilities to produce a security. A bank account is required where all the transactions can be done. The borrowers should have the repaying ability. The borrowers should have all the documentations required. Bank statements should be updated.
Article SourceLabels: Secured Loans |
posted by Khate @ 7:15 AM  |
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