Secured loans refer to the loans or advances you take against some type of collateral. Though there are financial institutions that offer you loan even if you do not provide any collateral, you may find their interest charges a bit high. This is because of the risk involved. Unsecured loans do not provide much amount as loan either. At most, you can get up to £75000 based on your repayment capability.
One of the salient features of Secured loans is that you have to pay lower interest as compared to loans taken without placing any collateral. When you go for secured loans, you place collateral: a property, shares, gold, or other valuable goods. This serves as a guarantee that the lender will get his money back in case you default.
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Though most people recommend banks for secured loans, it is not a good option in case you want to get a quick loan. Banks have too many formalities to be completed. Other than arranging different types of papers, you have to produce several witnesses too. The paperwork itself is so depressing that you wish you had gone to a private company. Also the nationalized banks take a long time to assess your property against which you are taking the secured loan.
If you feel that you need secured loan fast, you better approach the private lenders. The interest rate is not much different. However, the processing time is. It is much less than what the nationalized banks take. Also, another feature of opting for a private secured loan is that you can get more value for your asset.
It does not matter whether you have a good or a bad credit. As long as you have something to place as a security, you get loan from the private lenders. With banks and nationalized institutions, it is not always possible. Need big loans? Go for secured loans.
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