If you are really struggling to make ends meet, you have to take a look at your choices for lowering monthly payments. One solution that is heavily advertised is getting a secured loan for debt consolidation.

To hear those who are selling debt consolidation secured loans, you would think that debt consolidation loans are a no-brainer, that anyone would be stupid to not take advantage of the ability to get rid of their little, individual debts and just have one smaller payment each month. But is this really the truth about debt consolidation loans, whether secured or unsecured? Let’s take a look at some of the facts about a secured loan for debt consolidation.

Secured Loans, Defined

A secured loan is one where the person you owe money to has some form of collateral, which can be taken if needed to satisfy the loan. Examples of this are a mortgage or a car loan. If you neglect to pay on your car loan, they can come and repossess the car. In the case of getting a secured loan for debt consolidation, the collateral would generally be money. This is usually offered by a bank or credit union, by way of the borrower having a savings account with the creditor. The money in the savings account is kept by the creditor as a hedge against your defaulting on the loan. Your money would be earning interest, but you wouldn’t be able to withdraw it, until more of your debt is repaid, or according to the stipulations of the agreement.

Good News? Bad News?

In terms of risk, the creditor has very little because the money is already in their hands. Consequently, the creditor will sometimes offer a lower interest rate, which benefits the borrower. The disadvantage is that the borrower is limited to the amount of money that is in the savings account.

Other Ways To Consolidate Your Debts

There are other ways to consolidate debts than with a secured loan. Check around for a credit card that has a high credit limit and a low interest rate. You can take all your other balances and put them onto that card. Often, new credit cards will totally waive the interest on balances transferred on.

Another option is to contact a company that specializes in debt consolidation without a secured loan. They can help by contacting your creditors and arranging for a reduction in your interest or by simply wrapping your debts into one monthly bill for you.

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Regardless of how much we try to plan for emergencies in our personal lives events happen that can cause a disruption. In addition, this disruption may have ripple effects. Specifically, those ripple effects affect our finances.

Examples of these unforeseen emergencies could include medical problems, legal problems, family challenges, etc. In turn these issues can sometimes cause the affected families to scrabble for additional finances.

Because this happens occasionally access to quick cash is required. One of the resources available includes lending institutions that provide a fast secured loan.

Therefore, it is important to know what is a fast secured loan and what are the lending details associated with this type of financial resource.

What Is A Fast Secured Loan?

A fast secured loan is an amount of money that is lent from a lending institution to a customer. The amount of the loan is dependent upon a number of factors. Some of those factors include the past credit history of the individual, the amount of money that they make over a given period of time and the individual’s credit rating.

In addition, for the privilege of obtaining this borrowed money, it is expected that the individual payback that loan over an agreed-upon period of time and at a certain interest rate. In addition, it is expected that the borrower provide certain assets against the borrowed amount of money obtained. This asset is known as collateral and has a certain value attached to it. Generally, this value should be fairly comparable to the amount of the loan taken out.

Also, a fast secured loan can be obtained quickly. This is because everything, for the most part, can be verified and secured electronically. Therefore once the credit rating of the individual, their credit history and the collateral that they are signing over against the amount of loan received, then the amount of money can be quickly transferred electronically into the individual’s personal financial account.

More Details

In addition to verifying certain financial information there are other details involved before the loan can be established. First of all, the individual who is borrowing the money must be at least 18 years of age or older. In addition, the individual must have their own checking account.

Also the individual may need to show proof of income. Often this can be done by providing payrolls stubs or tax returns.

Finally unlike a fast unsecured loan, a fast secured loan needs to provide some sort of collateral against the money that is being borrowed. For example if an individual who wishes to borrow money owns a car and then the title to the car is turned over as collateral against the money that is being borrowed.

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A business which needs money goes to a lender, much like an individual. And like the personal loan there are two types of loans for business, unsecured and secured business loans.

What Is A Secured Business Loan?

A secured business loan is simply a loan where the lender has been guaranteed payment of the loan amount in the event that payments stop. This guaranty is usually an asset pledged to cover the loan. Some examples of assets used for secured loans are:

• Computer leases
• Home mortgage
• Car loan or lease
• The Small Business Association
• Equipment or inventory

While the lender is not looking to claim these assets, they will have rights to the assets in the case of loan default.

Provision of Collateral

Lenders of secured business loans go through the evaluation of collateral in order to determine the amount they can comfortably lend. Common types of collateral include:

• Equity in your home
• Accounts receivable
• Inventory and equipment of the business

Some of the key variables which indicate the loan terms you will be able to secure are:

• Number of years in business – this is the business track record or age of the business. Most banks require that a business have at least three years of operation to show solvency.
• Size of the business – some lenders deal mainly in corporate credit while others have a small business development section. There are also a range of loan products more suited to various size companies depending on the lender.
• Amount of money needed – lenders have a range of what they consider an acceptable loan amount. Business lenders who deal with larger corporations will not consider loans under a certain amount, while others will but the terms of the loans will be different depending on the amount of money required and why.

Why Use A Secured Business Loan

While a secured business loan does require collateral or assets pledged against the loan, there are times when a secured business loan would be better suited to your needs. Here are a few ways in which this would work:

• You are just starting out in business
• Your needs require larger amounts than the lender would consider with an unsecured loan.
• Business tax purposes
• Payments on a secured business loan show the lender you are stable when you need to borrow again at a later time.

Having a secured business loan often means that important pieces of your business are tied up with lenders. It also means having and gaining more available resources and ability to gain further resources if needed.

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A secured loan one is a type of loan where some collateral is put up in order for the person to be accepted and the money given out. You may have to give them money or put up another type of collateral such as your vehicle or jewelry. You are going to need to talk to the lender about this to find out what you have to give them.

When you are going to get a secured loan, just as you would want to get the best unsecured personal loan, you want to make sure that you take your time and get the best secured loan. There are so many different options available to you and so finding the best secured loan will certainly be a bit overwhelming at first no doubt, but with these tips you will be able to find the best secured loan for you.

Do Your Research

One of the most important steps you need to take when you are trying to get the best secured loan is do your research. Learn up on secured loans, what they are, what advantages and disadvantages they have, and what the basic terms are.

Remember that the specifics are going to vary depending on which company you go through and what amount your secured loan is for.

Compare Options

Before you decide which is the best secured loan, you will want to compare one lender to another. Check out their interest rates, how much they are willing to lend you, and you should also do a bit of background research on the different companies.

The better known and more popular a company is, the safer you can generally feel doing business with them, as opposed to a newer company that you have not heard about before.

Whenever it comes to anything to do with your finances it is important that you take your time and read all the fine print before agreeing to anything. The last thing you want, when you already obviously have no or bad credit which is why you need to get a secured loan in the first place, is to end up being late with your payments or defaulting on the loan entirely, because then you are just going to be worse off than you were to begin with.

Read everything in the contract and not only read it but make sure that you understand it, before agreeing and signing anything.

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Some people are always in need of money and are also always trying time and again to secure a personal loan - though without success – even when looking for unsecured and personal loans. For people such as these and for ordinary people as well there is good news because it is certainly possible to get the required cash through applying for and getting bad credit secured loan. This is a loan that requires that the borrower provides collateral which guarantees repayment of the amount borrowed.

Recoups Loan

The fact is that in case the borrower defaults in making payments on the money borrowed within the specified time then the lender will repossess the collateral and even sell it off in order to recoup the money loaned out. A bad credit secured loan has especially been designed in order to help people with poor or even on credit to obtain loans that they are in need of.

One other aspect to applying for bad credit secured loan is that because, as a borrower, you are providing collateral that guarantees the lender that the money being loaned out is fully recoverable; you can then expect to get these loans at a lower interest rate as compared to interest rates on those loans that don’t require any security.

So, what kind of collateral will you have to give in case you are thinking about taking bad credit secured loan? Mostly, lenders accept real estate as well as automobiles; however, it depends on the lender who can also accept or reject other kinds of collateral that must be at least of as much value as the amount being loaned out; if not greater than the sum of money being borrowed.

However, the collateral that you pledge in order to get bad credit secured loan need not physically pass into the possession of the lender which means that you can continue living in your home (that was pledged as collateral) and also drive in the car that you have put up as collateral.

For those people that were under the impression that getting personal loan for bad credit is nothing more than a pipe dream; think again. The truth of the fact is that many lenders are willing to overlook your present bad credit standing and will still extend loans to you – provided you know where to look.

When it comes to finding a good lender for bad credit secured loan you will need to shop around as well as compare different interest rates on loans as well as repayment terms so that you have a clearer idea about who is offering you the best deal.

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So maybe you need to get a loan and you are trying to learn out more about all the different types so that you can decide on the one that is going to be best for you. One of the most popular loans is the secured personal loan.

What It Is

A secured personal loan is a fixed interest rate personal loan that requires the person to give up collateral or security of a savings account, stocks, bonds, and so on, so that the lender has some sort of confidence knowing that even if the borrower does not make their payments on time, they will have this collateral to cover the costs.

Benefits of a Secured Personal Loan

There are a bunch of benefits that are offered by a secured personal loan. For one, with a personal secured loan finance you are able to know that it is safer and easier to obtain than the unsecured ones. Really the only people that can get unsecured loans are those whose credit is in good standing.

Personal secured loans are those which you can avail by placing collateral with the credit, and make sure that you take the time to choose wisely as to what you are going to put up as collateral.

Another benefit to the secured personal loan is that these loans have a much wider loan market and you can definitely find a secured loan which will be customized to fit your needs. Secured loans are also easier to obtain than other loans because creditors will always prefer the option with security.

Also, as a secured personal loan is backed by collateral, most lenders will approve loans even in such cases as C.C.J’s, defaults, and arrears.

A personal secured loan can help you to free up equity that would otherwise remain dormant in your property, letting you make use of capital that would otherwise remain unobtainable. These loans are ideal for people with a not so great credit standing, and it even gives them the chance to redeem themselves and get their credit into at least remotely decent standing,

Just make sure that you are as educated as possible on something like this before going through with it, and that you clearly understand all the terms. There is not much danger to secured loans but even still, you want to make sure that you have read all the fine print before agreeing to and signing anything, especially when you are handing over collateral.

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There are a couple different options that you have when it comes to getting a secured loan. The first place that most people usually go when they want to get a secured loan is their bank. There are also a few things that you are going to want to be aware of when it comes to getting a secured loan, so that you can have the best possible chances of being accepted.

You can even get a loan if you have bad credit, but know that if you need to borrow money quickly but your credit is a little shaky, there are fewer places that you are going to be able to go for it. If you do not own a home or have anything major financially that could be put up as collateral, it will be even more difficult for you.

If you are looking for a secured personal loan, here are a few of the best places that you can turn to.

Title Loan Companies

These are definitely worth checking out if you want a secured loan and especially if you have bad credit. These companies will advance you money by putting a lien on your car, and they will then keep the title while you keep the use of the vehicle.

However, if you fail to repay them by the required time, they will have full capability of taking your car. Depending on the age, condition and type of car that you have, the loan amount could be up to several thousand dollars.

Pawn Shops

You may be a bit surprised at this, but pawn shops are another great option if you want to get a secured loan and have bad credit. They are in the business of making short-term small-money loans, and are not so concerned with your credit standing, at least not as much as banks are, for instance.

You simply bring in your personal property and they will appraise it and tell you what they are going to loan you. Now after this you have a certain amount of time where you can go in and get your item back, but if you do not go back and get it – usually within 30 days – they have the rights to it and will sell it and make money off of it.

These are all great options and it is nice to know that even if your credit standing is not the best you can still get a loan if you ever need to.

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