Secured Personal Loans
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In contrast to an unsecured personal loan, a secured personal loan is a personal loan that is made against a pledge of collateral. The requirement of some form of security to hedge against the lender's risk is a primary characteristic of a secured personal loan. As the lender's risk is minimized, secured personal loans generally carry lower interest rates and offer more convenient payment terms.
A secured personal loan (secured loan) is normally secured against some personal asset, such as a home, vehicle, investment, etc., and is often subjected to certain basic documentation requirements. Despite the process requirements, a secured
personal loan is often considered very attractive due to its low interest rates and other convenient payment terms, including a possibly longer duration of the loan itself.
The advantages of applying for an secured personal loan online with us
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- You may be able to qualify for a larger loan if your collateral provides the appropriate hedge for the lender. At times, you may be able to qualify for a secured personal loan as large as $250,000.
- You can either obtain your loan check or the funds will be deposited electronically into your personal checking or savings account in as little as one business day.
- Your loan duration could be as much as ten years and could be even longer depending on your lender's specific program.
- Longer loan duration may also translate into lower monthly payments due to the ability to spread the repayments over a longer term.
- No application fee. It is free and easy to compare and save on loans offered by numerous lenders.
- Our broad selection of the finest of lenders in the industry means you will get the best rate possible. The ability to compare numerous lenders means you save money.
- Some lenders do not charge pre-payment penalty if you pay more of your interest or if you repay earlier than the duration of the loan.
- You even have the option of repaying automatically -- through automatic deposits made from your checking account.
- You can use the secured personal loan for any need, including repayment of an existing or higher interest debt or loan -- debt consolidation.