A Secured Loan is only available to people who own property or similar assets.
Secured Loans are similar to Personal Loans except for the fact that with a secured loan, property or assets are used as security for the loan, similar to a guarantee of repayment.
The bad news with secured loans is that if you can't repay the loan, lenders can force the sale of your property or asset to recover the debt. This could mean losing your home.
The good news is that because there is less risk to the lenders with secured loans, they will often lend larger amounts, over longer periods for reduced interest.
As with all debt solutions, secured loans need very careful consideration to ensure this is the best option for your unique situation.
- Consolidate your debtsOne monthly payment
- Reduced monthly paymentLower interest charged
- A new beginningLife back on track