11 October 2017

Secured Loans Online: Get Financed In Lieu Of Your Collateral

Secured loans are a much safer and better option of a loan than an unsecured one. These loans are available by pledging a security to the banks or other financial institution. The security or the collateral is mainly in the form of a valuable asset like your house or car. These loans take more time to get processed because of the fact that your house or the other asset that you pledge needs to be valued. But secured option is much more profitable than the unsecured one in terms of the rate of interest and the repayment time that you get for the loan. The rate of interest is lower because of the fact that the banks keep your collateral with them which is a great security against the money that they advance you as loan. The minimum requirement for these kinds of loans is that you need to be an adult, with a permanent account of your own.

You can even get these loans even if you have a bad credit history in the past. Though the credit history is checked a poor credit record is not an obligation for these kinds of loans. But before applying for these loans it is advisable that you check the loan quotes of the different banks in order to get the best deal for yourself. You should always choose the loan quote which you will find comfortable at the time for repayment. The repayment time for the loan is spreads from anything between 3-25 years of time. The rate of interest varies from 7%-10%. The loans can be applied online and after that the banks take over the entire process of your application. The amount of the loan will be decided on your present financial status and also upon the salary that you are drawing at the current moment. The other advantage of these loans is you can use the loan for any purpose like repairing of house or buying a new house or even for consolidation of your previous debts.