Secured personal loans are loans provided by the lenders only if the borrowers are willing to put up collaterals. The collaterals can be in the form of real properties, cash investments and fixed assets. Due to economy downturn, secured personal loans have become more and more popular among people with poor credit ratings. Although the interest rates are much higher than regular loans, the demand for this type of loan is still high.
Seriously speaking, if you need a small amount of cash for emergency use, getting a secured personal loan is not advisable. You are suggested to obtain unsecured quick loan as your financial risk will be lesser. However, if you are looking for a large amount of loan, the only alternative for you is to get secured loan. Since you need to use your asset as collateral, the loan amount you require depends much on the value of your asset.
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It is easier for me to explain to you by using figures. For instance, you need around $100,000 cash. In order to obtain the loan successfully, you must find out whether the value of your asset is more than $100,000. If the value of your asset is only $50,000, the lenders usually offer you the loan to the maximum amount of $50,000 only. If you really need more money, you have to look for a co-signer with good credit history to co-sign your loan. On the other hand, if the value of your asset is $150,000 but you only need $100,000 to solve your financial issues, you are advised to request for the loan amount of $100,000. Don't ask for more since you don't need so much of money.
Do not "over" request the loan amount. You should only apply for the exact amount you need. At the same time, you must make sure that you have the financial ability to repay your loan. Evaluate your financial position carefully and work out your budget. It is important for you to ensure that your monthly income is able to cope. If you fail to make repayment, you may lose your assets as the lenders have the right to take over the assets. Think twice before you make your final decision.
You must keep in mind that secured loans are always offered at relatively high interest rates. Hence, you are reminded not to increase your financial burden. You need to work smart. You should try your best to negotiate with your lenders so that they can reduce the interest rates. Don't be afraid to bargain with them. Since you have asset on hand, you stand a higher chance to get better deal. The lower annual percentage rate (APR) you get, the more money you are able to save.
To sum up, for people who need more money to overcome their financial hardship, getting secured loan is considered the best solution. However, you must make sure that you have good financial planning.
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