Secured Personal Loans

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Secured Personal Loans

If you need money now, but have been repeatedly turned down for an unsecured personal loan, you may still be able to find the funds you need with a secured bad credit loan.

A secured loan is one in which you offer something as 'collateral' to guarantee your repayment of the loan. If you default on the loan within a specified period of time, the lender has the right to take possession of the collateral and sell it to recover their money.

Secured loans are designed to help those with poor or no credit obtain the loans that they need.

It may be possible to obtain a secured personal loan if you have some history of bad credit. These loans are generally are not available through the Banks. You may need to do some research to find a specialist lender who is willing to assist.

Forget about offering furniture or personal affects as security. Most lenders will only consider cars or real-estate.

In case of real-estate, it may be possible to borrow to 80% of the value of your assets depending on your income.
In case of motor vehicles, it is not possible to borrow more than 50% of the value of your car.

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