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Secured Personal Loans Yield Immediate Cash
When you need cash now to make purchases or pay debts, you might want to consider taking out an online secured personal loan. A secured personal loan is a loan that is secured with property that you own, and can easily obtained in amounts up to $100,000 or more.
Most secured personal loans are backed up by using your home as collateral. That is the reason why some lending institutions refer to these loans as homeowner loans. Collateral need not be in the form of your home, however; you can easily use other real property, such as your car, boat, RV, or other pieces of land or real estate to stand good for your secured personal loan.
Additionally, if other lenders have placed liens against your property to secure your mortgage, you can still use it for collateral.
Secured Personal Loans For All Borrowers
Secured personal loans are very popular among those who might have been turned down for an unsecured loan. You can use your secured personal loan for whatever needs you have, whether you are looking to buy a new automobile, finance home improvements, add an addition to your home such as a fourth bedroom, or perhaps even take a dream vacation.
There are many benefits of a secured personal loan over an unsecured personal loan. Secured personal loans typically carry lower monthly payments that are spread out over many years. Secured loans are also very attractive to buyers without perfect credit, even those with low FICO scores, which makes the secured loan available to nearly all types of borrowers, regardless of past history.
By getting your secured personal loan online, you are ensured of getting the lowest interest rate possible across the industry. Your interest rate is typically calculated by taking into account the amount of the loan, the term of the loan, and your credit history.
Protect Your Future
A good idea when taking out a secured personal loan is to purchase the optional disability and life insurance that most lending institutions offer on these loans. Your disability or life insurance policy for your new secured personal loan will be very beneficial to you if you were to lose your job or become unable to work due to illness, when your benefits would be activated that make payments on your behalf during the incident. Additionally, if you were to pass away, the policy would ensure that your survivors can keep your home.
Apply Securely Online
Applying for your secured personal loan online is simple, convenient, and hassle-free. Online lenders have set up websites that feature applications that are user-friendly, and allow you to submit your information electronically. Any documentation that is required to complete the processing of your loan can also be submitted by sending a scanned email copy of the required item or by faxing a copy. Items that might be required are recent paystubs, bank statements, and identification documents.
Once approved, you will receive an offer from the lender. You are not obligated to accept the offer. If you review and accept the offer from your lender, the proceeds from your new online secured personal loan can be deposited into your bank account almost immediately.
Help for Repaying Quick Loans (Page 1 of 2)
Quick loans are intended to provide short-term funding for emergency situations, such as an unexpected car breakdown. They are not intended to serve as long-term financial solutions. As such, quick loans typically have very short repayment periods, ranging from one week to as long as 30 or 35 days.
However, you may run into a situation where you are unable to make payments as scheduled to payday lenders. Although this situation can be unnerving, you should not panic, and you should definitely not attempt to hide from your creditors. There are options available that will allow you to repay the loan with minimal harm to your credit report, and without being made bankrupt. The key is to act quickly and decisively, and to reach out for help from third parties if you need it.
Dealing With Payday Lenders
If you have quick loans that you know you cannot pay off, your first move should be to cancel any direct debit authorizations, standing orders or recurring payments. This will prevent the payday loan company from attempting to withdraw funds from your account, thereby avoiding an overdraft. Your second move should be to should be to contact the lender directly. Explain your circumstances as transparently as possible and express your desire to work out alternate payment arrangements that are mutually acceptable.
Many lenders will offer you the opportunity to “roll over” the principle of the loan and pay only the interest if you cannot pay in full. Resist the temptation to accept such an offer, especially if you know that you will be unable to make payment in full whenever the next due date occurs. Instead, be prepared to present alternative arrangements that you have worked out that will allow you to repay the loan without “roll overs.”
Working Out Pro-Rata Offers
Pro-rata offers are based on making payments based on your available disposable income. The pro-rata system is the system used by the courts to determine what debtors can reasonably afford to pay. Most reputable creditors, including many lenders of quick loans, will accept repayment plans based on a pro-rata system.
For instance, you may have available disposable income of £200 a month to pay toward your debts, but you owe £2,000 to Payday Lender A and £1,500 to Payday Lender B for a total debt of £3,500. You would first multiply what you owe to Lender A by your available income for a total of £400,000. Divide this figure by £3,500 for a result of £114 to pay per month to Lender A. Then, multiply what you owe to Lender B by your available income for a total of £300,000. Divide this result by your total debt of £3,500 for a total of £86 per month to pay to Lender B.
Contact an Outside Intermediary Agency
If one or more of your lenders refuses to accept your pro-rata offer or alternative repayment plan, get help from an outside intermediary. Several organizations such as StepChange Debt Charity, National Debtline, and Citizens Advice (for England, Wales and Scotland) offer free advice to borrowers and will negotiate alternative payment arrangements with creditors. You can often work out a satisfactory repayment plan through one of these agencies without the need to take on the expense of creating a debt repayment plan with a commercial debt management company.