SECURED LOANS INFORMATION

Please see information on Secured Loans below.

        

Secured Loans

What is a secured loan?

A secured loan is a loan that is "secured" or "protected" against a significant asset, such as a home or a car. If you would like to borrow a large volume loan you can use your asset as collateral to secure the funds.

What are the benefits?

Because you have had to put up a large asset to secure the loan, the lender considers the loan to be less of a risk so is usually more willing to lend a larger sum of money at more competitive interest rates. Depending on the value of the asset, a secured loan is normally easy to obtain because it is considered less risky.

Who are secured loans suitable for?

Secured loans are suitable for anybody who is able to put up an asset as collateral to secure the loan such as a car or a house. It is important that you are sure you will be able to make the loan repayments, otherwise you run the risk of losing your home or car.

Who can apply for a secured loan?

It can be tough to qualify for a secured loan. You must be over the age of 18, employed and a US resident to qualify for any secured loan. Check with individual lenders application criteria before you apply.

What are the risks?

Because your loan is secured against an asset, if you default on your repayments the lender will use a collections agency to try and recover the money. This means you run the risk of losing your home or car if you do not keep up with your repayments.

        


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