In case you do not want to pay the high rate of interest on the unsecured loans, you may opt for instant secured loans. This is possible in case you have some kind of immovable property such as a land, a home, or a farm house. You place the property as the collateral and get the loan. But the money lenders do need time to assess the value of the property, don't they? Then how can the loans be instant?
The money lenders on the internet have a big network. As soon as you submit the form, your form is forwarded to the agents in your area. These agents perform a quick check on your property and assess it within hours. They also verify your information through the phone. Once the information is verified, your loan is sanctioned. And the whole process takes not more than 36 hours - this includes wiring of your loan amount to the checking account.
The plus point is that you have to pay less interest on the instant secured loans, as compared to the unsecured loans. You also get a chance to avail higher amount of loans. However the amount of loan you can avail is determined based on the value of your property. You can avail around 85 per cent of the total value of your property. In some cases, you also have to pay some upfront payment for the loan. Some money lenders do not charge any upfront charges.
You get to choose a repayment period which best suits you. Please remember that in case you opt for longer payment period, you end up paying more amounts to the lender. But then, you do not have to face additional tensions on managing your monthly budget. On the other hand, if you can afford to provide higher installments, you can go for shorter periods like one to three years. But as these things affect your credit ratings, it is better to think of a balance between the interest and the amount you pay per month so that no payment is missed or deferred in the instant secured loans.
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