Secured Loans


Visitors: 166

A secured loan is a type of loan where the borrower offers an asset as collateral to the lender. In case the borrower fails to repay the loan, the lender can take control of the asset.

This is different from a credit card loan, which is considered an unsecured type of loan. While unsecured loans carry only a promise from borrowers that they will repay the loan, a secured loan is one that is secured by borrowers’ assets, which are usually their houses or cars.

Secured loans have many advantages over unsecured loans. You can borrow a larger amount of money with a secured type of loan. You can have a longer repayment schedule for this type of loan that could stretch to as long as 30 years if you so desire.

There are many reasons why you would opt to apply for a secured loan. One of these reasons, of course, is the fact that you can borrow more money than you can with an unsecured loan. So, if you need money to renovate your home or to buy a piece of furniture, you could easily manage it with a secured loan.

Another reason is that your application for a secured loan may be approved despite your bad credit history. Since you have an asset to make sure that you will repay the loan, the lending company, usually a bank, is more inclined to grant you that type of loan than an unsecured one.

To qualify for a secured loan, you have to have your own home, as well as secondary assets like a fully paid car. These assets will secure the loan. So, if you need a large loan to improve your home, consider applying for a secured loan.

Secured Loans provides detailed information on Secured Loans, Cheap Secured Loans, Secured Personal Loans, Secured Loans For Home Owners and more. Secured Loans is affiliated with Short Term Business Loans .


Article Source:

Rate this Article: 
Personal Secured Consolidation Loans Combine All Your Loans Into One Long Term ..
Rated 4 / 5
based on 5 votes

Related Articles:

Secured Money for Every Motive - Instant Secured Personal Loans

by: Amanda Thompson (October 11, 2006) 

Secured Loans Try it and Taste a Better and Secured Loan Term

by: Pamella Scott (September 03, 2008) 

Secured Personal Loans - A Secured Financial Aid

by: Kenneth Robert (April 10, 2008) 

Secured Homeowner Loans - Get Secured By Your Home

by: Steve C Clark (December 06, 2006) 

Secured Loans Find a Secured Loan Now

by: Robin Brain (August 27, 2008) 

Needs Are Meant To Be Secured with Secured Personal Loans

by: James Taylor (July 13, 2006) 

Cheap Loans- Secured Loans Cost You Far Lesser Than Unsecured Loans

by: Angelo Drew (March 21, 2007) 

Keep Your Property Secured Even With Secured Loans

by: Jack Watson (June 06, 2007) 

Secured Loan Debt Consolidation Pros and Cons of Consolidating Debt With ..

by: Ricky Lim (December 26, 2008) 
(Finance/Debt Consolidation)

Personal Secured Consolidation Loans Combine All Your Loans Into One Long Term ..

by: Daren Jone (August 27, 2008) 
(Finance/Debt Consolidation)