Secured Personal Loans. What are they? And how can apply for one?
When you get a personal loan from a lender,
these loans can be either a secured loan or unsecured loan.
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A secured loan means that when can borrow money, you have to guarantee the
loan with an item of value. Normally, this is your house.
With a secured personal loan, the loan company will treat you as a lower risk, than if
you have an unsecured loan. This is because the loan company has a much higher
chance of getting its money back, should you stop paying the monthly installments.
The advantage to you of having a secured loan is that the interest rate charged on
your personal loan will be lower than that of the interest rate charged on an
unsecured loan.
However, you have to make sure that you make the monthly payments on your personal
loan, or the loan company can sell your house (or whatever you secured the loan with)
to retrieve its money.
If you are concerned about not being able to pay the monthly installments on
your personal loan, because of redundancy, sickness or accident, consider
taking out a Payment
Protection Insurance (PPI). This will give you peace of mind when taking
out your secured personal loan.