Secured loans for bad credit – when we talk about secured loans, as the name suggests, the loan or credit given must be legally secured or attached to a valuable property.
That property is normally a house, flat, apartment, bungalow, etc. although it could also be a vehicle, precious stone, watch or any valuable item that can act as security for the borrowings.
So that is really what a secured loans definition is. The use of a tangible asset as collateral for the loan or credit advanced.
If things go wrong during the repayment period of the loan, then the Lender has the right to take possession of the property you used as security and sell it to get their money back.
That would be an extreme case scenario, as normally a Lender will be sympathetic if you get into financial problems, but they will always have that option if they want to exercise it.
Secured Loans vs Unsecured Loans
We have found out now what secured loans are, so let’s look at unsecured loans.
Well, you probably guessed already that unsecured just means there is no security required for this type of loan.
Secured loans are for home owners or property owners that have sufficient equity, but anyone can apply for an unsecured loan.
If you have some bad credit, then a secured loan is going to be easier to get approved for than an unsecured loan.
However, we do advertise Lenders who accept unsecured loan applications from people with all types of credit backgrounds and credit scores.
Secured loans to build credit can be a good idea, as if you make all your monthly payments on time, this will look well on your credit history.
This is also true for unsecured loans and any future loans might well be at attractive interest rates due to a perfect payment record.
Secured Loans Near Me
With the Internet, you do not really have to look for secured loans near you anymore.
In fact, if you are in the market for a new secured homeowner loan, you would be best to search the market online instead.
Secured Loans For Business
You can also get secured loans for business.
These can be secured on commercial property instead or there are even Lenders that will advance cash to companies based on their assets or even their accounts if they are healthy, which is more like factoring.
Rates For Secured Loans Instant Decisions
The company we advertise on this page will search the whole secured loans market for you completely free of charge and without a credit check.
You will then be presented with the best options for your particular financial circumstances.
They will also look at either a secured or second charge type loan or a remortgage, to see which is going to be cheaper for you.
They are fully authorised by the Financial Conduct Authority and will give you good professional advice.
Rates will depend on your current financial circumstances and there are a large amount of products to choose from.