Tag Archives: personal
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.
Types of Unsecured Personal Loans (Page 1 of 2)
Even consumers who practice careful spending habits can sometimes find themselves in financial trouble. Unexpected expenses such as car repair bills or medical costs can strain your budget and leave you wondering how you will make ends meet. Fortunately, there are several types of a secured personal loans in the UK that can help you through difficult financial times. It is important to consider these loans carefully to ensure that you are choosing the right type of loan for you.
Payday Loans
A payday loan is a short term loan that can help you through a financial emergency. The process of qualifying for this type of loan is relatively simple and typically requires little documentation. For this reason, you might be able to obtain approval or a payday loan and receive the funds you need in as few as one or two days. In some cases, you can even obtain a payday loan without a credit check or income verification.
Before opting for a payday loan, you should consider the drawbacks of this option. In most cases, you will have to repay the loan amount, plus interest, within one or two weeks after you receive the funds. Although this might be appropriate for a financial emergency, a payday loan might not help you if you anticipate that your financial needs will last for a longer amount of time. Also, compared to other types of unsecured personal loans, payday loans typically come with high interest rates. You might have to pay 25% interest or higher in addition to the principle amount for the privilege of borrowing money for just a week or two.
Personal Bank Loans
A personal bank loan is issued by a bank or other financial institution instead of by a payday lender. This type of loan is generally designed for longer-term financial needs – depending on your circumstances, you might be able to borrow the funds for five years or longer. This might be an appropriate option if you want to consolidate existing debts or anticipate that your recurring extra expenses will last longer than a few weeks.
Banks and financial institutions require substantially more documentation than payday lenders when evaluating applicants. You will likely need to provide verification of your income and expenses, as well as documentation of your personal assets and other debts you owe. You will also have to fill out a lengthy application and may have to meet with a personal lender in order to receive approval for your loan.
Compared to payday loans, interest rates for personal bank loans are typically low. This option can help you obtain the long-term funds you need without costing you a small fortune in interest charges. Of course, this type of unsecured loan typically requires a thorough review of your credit history. The interest rate you obtain a for a personal bank loan can vary significantly depending on the length of your credit history and whether you have made your other account payments on time.
Unsecured Credit Cards