A secured loan usually offers you the chance to borrow more flexible amounts of money, as the loan is 'secured' against a significant asset such as your property or car. This provides additional security to the lender, as they are then able to seize your asset (the collateral) if you are unable to repay the loan. As such they may be prepared to offer you a higher loan amount. Below you can compare secured loans. Check the basic features such as loan amount and terms , as well as the interest rate. If you require a more detailed look at each product, just click on the Detail Information link. If you are ready to make an enquiry or apply, just click on More Info. Please make sure that you read the terms and conditions of any secured loan thoroughly.
Compare Secured Loans
What are secured loans?
Secured Loans can be available to those with both good and bad credit. A secured loan means that you borrow money but offer something of the equivalent or higher value as collateral for the security of the loan. The most common form of secured loan is a home loan or mortgage. However, there are other forms of secured loan available.
What can you use to secure a loan?
Theoretically you can secure a loan against almost anything as long as it is worth as much or more than the amount that you borrow. Some people secure loans against their cars and others their houses. It is also possible to apply for a loan using your pension of provident fund as a loan.
What is the difference between a broker and a lender?
There are both secured loan brokers and lenders who can help you with your needs. A lender will assess your credentials and work out whether or not to lend directly to you. A broker will take your details and try to find a lender who can lend to you and find you the loan you need. This can be useful if you cannot find a lender who will lend to you. However, you are likely to be charged for this broking service.
What do you need to get a secured loan?
In order to be eligible for a secured loan you will usually need to be over the age of 18 and have an income of at least $1500 a month. If you are looking for a mortgage you are likely to undertake a full credit check to ensure that you will be able to pay back the loan.
Keep your costs down
If you are looking to obtain a secured loan then first of all work out how much you need to borrow and keep it to a minimum. The more that you borrow the more you will have to pay back so it really is worth keeping this amount down. Research different lenders and find out who can give you the best deal on your loan. Work out exactly how much you will have to pay each month and make sure that you can afford it. Secured loans do carry a risk. If you can’t make repayments back on time then you risk losing your home or whatever asset you used to secure the loan.
Know what you are getting into
Before you agree to borrow the particular secured loan which you want make sure that your read the terms and conditions of the loan thoroughly. It is really important to make sure that you understand exactly what you are getting into. Loans are serious financial products and should be treated as such. If you have any problems or queries it could well be worth seeking independent financial advice.
Secured loans restrictions
Most secured loan companies do not place restrictions on what the borrowed funds can be used for. Before you commit to a loan, ensure you are able to make the monthly repayments.
02 October 2012 16:00
Which Way to Pay
A secured loan can help you in many ways including supporting you financially however there are risks involved which can be devastating.
23 May 2012 17:00
Loans usually fall into two categories – secured and unsecured. Make sure you the pros and cons of each type before you apply.