boston
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| What Is A Secured Loan? |
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Hi,
About Secured Loan:-
If you have never had the need for a personal loan, you may wonder what a secured loan is. A secured loan is a loan that has collateral standing up for the loan which ensures the lender that you will pay your payments. With a secured loan, you may have to give your car title to the lender until you finish paying the loan off. This is called a lien against your vehicle, and secures the amount of money that you borrow from the financial institution.
A secured loan normally has a lower interest rate and a longer period of time to repay the loan than an unsecured loan does. If you own property you can use that for collateral if you need a secured loan. Many people have a need for a secured loan since the lower interest rate and longer repayment period make it easier to pay back the loan.
A home loan is a type of secured loan; the lender holds the deed to the home until the last payment is made and then the homeowner will receive the deed to the property. There are varying interest rates for secured loans so it is a good idea to shop around and get the best interest rate and terms that you can.
A new car loan is a secured loan also. While the buyer is making payments the financial institution will keep the title to the car. After it is paid for, the owner of the car will receive the title and then be able to sell trade or keep the car if they wish.
A secured loan is a necessity for most people who want to buy a home or a new car. You can also get a secured personal loan if that is what you need money for. Secured loans can help build your credit history while helping you obtain the things in life that you want and need.
Thanks & Keep Sharing!
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Sun Nov 01, 2009 4:42 pm |
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Elmira Nancy
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I have been looking looking around for this kind of information. Will you post some more in future? I’ll be grateful if you will.
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Fri Feb 12, 2010 11:59 am |
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AlFromLA
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quote:
Originally posted by Andrew Jones
Thanks for making us aware that what exactly is secured loan. I am sure it will help us a lot.
LOL
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Tue Mar 09, 2010 1:16 am |
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Adria.John
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 Well, secured loans is a loan that is provided against your property. Your home serves as collateral and your ability to pay back the loan is in turn your ability to continue to be the owner of your own home. It is therefore extremely important to note that although the ownership of a house makes you eligible to this loan type it also puts you at great risk.
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Tue May 11, 2010 12:24 pm |
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tanmaysnv
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A secured loan has collateral backing it - like a car or a house. If you don't pay back the loan the lender can seize the asset securing the loan.
Thanks !!!!
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Wed May 19, 2010 7:22 am |
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jason_simpson
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A loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender. The assets may be forfeited to the lender if the borrower fails to make the necessary payments.
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Fri May 21, 2010 4:47 pm |
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ed2009
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A secured loan is a type of loan that you dont want because they can go after your properties if you are delinquent.
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Fri May 21, 2010 5:08 pm |
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pwsolutions
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quote:
Originally posted by ed2009
A secured loan is a type of loan that you dont want because they can go after your properties if you are delinquent.
thanks for summarizing it.
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Wed Jun 16, 2010 3:57 pm |
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vraca
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I do not think it is right to mortgage your home or car or anything for a loan. Of course there are exceptions for some reasons like childrens or treatment.
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Thu Jun 17, 2010 5:37 am |
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NelsonMell
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A secured loan is so called because one puts up his home as a security against the loan of the lender.
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Fri Jun 25, 2010 4:41 pm |
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TomCrade
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It is a great solution for people who wish to borrow over 10K and may also wish to consolidate and high rate credit they currently have.
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Wed Jun 30, 2010 5:44 am |
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TomCrade
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It is a great solution for people who wish to borrow over 10K and may also wish to consolidate and high rate credit they currently have.
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Wed Jun 30, 2010 5:45 am |
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