Secured Loans - Securing A Deal
Secured loans are the most basic and risk free type
, from lender's perspective, of loan that are available in the market. They can be availed by pledging collateral as security for the loan. This collateral can be house, gold, gar, jewelry and so on. A loan up to 80 percent of the pledged asset can be availed, taking in numbers the loaned amount can be anywhere between 500 to 100,000 and the loan tenure can be up to 25 years. Hence, it is safe to say
secured loans are large long term loans.
Most of the loans that are available in the market can be availed in both secured and unsecured type like personal loans, bad credit loans, debt consolidation loans etc. But there are various loans that only fall in secured loan category like logbook loans, homeowners loan, quick secured loan and loan against gold. These loans are called true secured loans. All these loans have a specialized asset to be pledged like car in
logbook loans, gold in loan and a house in homeowners loans. The APR (annual interest rate) associated with secured is a bit low as the loan is secured with a collateral. As, stated above the loan period of the loan can be as long as 25 years and hence the EMI(equated monthly installment) is pretty low so you are not breaking the bank while availing this type of loan.
Secured loans are easily available in the market as they hold less risk that unsecured loan. All you need is a bankable asset as security and necessary documents to be attached with it. Almost all the banks and other financial institution in UK offer
cheap secured loan deals to their customers. A borrower can apply to these deals by going to these institutions or by applying on the internet by just filling an online form with necessary details and faxing the required documents. This online procedure has made procedure for applying for a loan easy.
by: Erinjasmine1
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