Finding The Right Secured Personal Loans
If you need to send a child to college, remodel your house, or you simply think its time to go on that vacation youve always wanted to, a secured personal loan just might be able to help you meet those needs. It can make your needs and even your wants attainable by offering you a loan with a fixed annual percentage rate and a monthly payment that you can make.
You can lock in a loan with a fixed annual percentage rate and a monthly payment that is manageable for your income level while being able to provide for the urgent expenses. The bank will offer you a lower percentage rate on this kind of loan because you will be required to provide approved collateral.
Obviously, not everyone is able to qualify for this kind of loan since it does require collateral. A true candidate for approval of this loan will have something of large value to back up the loan and lessen the risk to the lender. Some banks will allow you to offer a mobile or manufactured home as security for repayment.
Applicants who qualify, may be able to borrow anywhere from $3,000 to $250,000 depending on what the loan is going to be used for and of course your financial income. Most lending sources wont put an early repayment penalty in the contract so you are free to pay down more principal of the loan anytime you are able to.
The term of the loan will usually vary and will be set in accordance with the size of the loan and with your ability to pay. In some cases these loan can extend for as long as ten years. If you're looking to extend to a longer term, you might want to consider a mortgage type loan instead.
Since loans of this type are often quite large, the bank usually requires significant documentation before they will sign off on the loan. You will probably be required to provide income information, a copy of your driver's license, and probably some additional forms of identification.
The quicker part will be once you qualify for the loan. There should be no problem with the bank getting you the entire amount in as few as three business days. A secured personal loan is one of the least expensive ways to finance a need or a want.
You can lock in a loan with a fixed annual percentage rate and a monthly payment that is manageable for your income level while being able to provide for the urgent expenses. The bank will offer you a lower percentage rate on this kind of loan because you will be required to provide approved collateral.
Obviously, not everyone is able to qualify for this kind of loan since it does require collateral. A true candidate for approval of this loan will have something of large value to back up the loan and lessen the risk to the lender. Some banks will allow you to offer a mobile or manufactured home as security for repayment.
Applicants who qualify, may be able to borrow anywhere from $3,000 to $250,000 depending on what the loan is going to be used for and of course your financial income. Most lending sources wont put an early repayment penalty in the contract so you are free to pay down more principal of the loan anytime you are able to.
The term of the loan will usually vary and will be set in accordance with the size of the loan and with your ability to pay. In some cases these loan can extend for as long as ten years. If you're looking to extend to a longer term, you might want to consider a mortgage type loan instead.
Since loans of this type are often quite large, the bank usually requires significant documentation before they will sign off on the loan. You will probably be required to provide income information, a copy of your driver's license, and probably some additional forms of identification.
The quicker part will be once you qualify for the loan. There should be no problem with the bank getting you the entire amount in as few as three business days. A secured personal loan is one of the least expensive ways to finance a need or a want.
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Trinity shows people interesting options for online personal loans including personal loans for bad credit.
posted by Credit Counseling at
1:33 PM
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