Getting Secured Personal Loans
Secured Personal Loans can help you reach your financial needs. Whether you are looking to remodel your home, pay for your daughters wedding, or go on the vacation youve always dreamed of, a secured personal loan can help finance your desires. You can meet your immediate needs for only a monthly payment.
You can lock in a loan with a fixed annual percentage rate and a monthly payment that is manageable for your income level while being able to provide for the urgent expenses. The bank will offer you a lower percentage rate on this kind of loan because you will be required to provide approved collateral.
Obviously, not everyone is able to qualify for this kind of loan since it does require collateral. A true candidate for approval of this loan will have something of large value to back up the loan and lessen the risk to the lender. Some banks will allow you to offer a mobile or manufactured home as security for repayment.
The amount that you can borrow with this type of loan varies and is determined primarily by the size of your asset. If your home is paid off, you may be able to get a loan for as much as $250,000, sometimes more. If you still owe a lot on your home your available loan size will be much smaller.
The term of the loan will usually vary and will be set in accordance with the size of the loan and with your ability to pay. In some cases these loan can extend for as long as ten years. If you're looking to extend to a longer term, you might want to consider a mortgage type loan instead.
The application process will typically require you to gather some information. Since the loan amounts can be quite large, the bank will most likely require specific information to guarantee your collateral. You will most likely need to provide a copy of your drivers license and social security card. They will also want to see your W2 information, current utility bills to verify your address and if you are purchasing a boat or RV, the purchase order may be required.
Once the bank has approved you for the loan, they will usually direct deposit or wire the funds to you within 48 hours. The entire process can usually be finished within a week so you may be closer to having some financial room that you think.
You can lock in a loan with a fixed annual percentage rate and a monthly payment that is manageable for your income level while being able to provide for the urgent expenses. The bank will offer you a lower percentage rate on this kind of loan because you will be required to provide approved collateral.
Obviously, not everyone is able to qualify for this kind of loan since it does require collateral. A true candidate for approval of this loan will have something of large value to back up the loan and lessen the risk to the lender. Some banks will allow you to offer a mobile or manufactured home as security for repayment.
The amount that you can borrow with this type of loan varies and is determined primarily by the size of your asset. If your home is paid off, you may be able to get a loan for as much as $250,000, sometimes more. If you still owe a lot on your home your available loan size will be much smaller.
The term of the loan will usually vary and will be set in accordance with the size of the loan and with your ability to pay. In some cases these loan can extend for as long as ten years. If you're looking to extend to a longer term, you might want to consider a mortgage type loan instead.
The application process will typically require you to gather some information. Since the loan amounts can be quite large, the bank will most likely require specific information to guarantee your collateral. You will most likely need to provide a copy of your drivers license and social security card. They will also want to see your W2 information, current utility bills to verify your address and if you are purchasing a boat or RV, the purchase order may be required.
Once the bank has approved you for the loan, they will usually direct deposit or wire the funds to you within 48 hours. The entire process can usually be finished within a week so you may be closer to having some financial room that you think.
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Trinity shows people interesting options for personal loans including personal loans for people with bad credit.
posted by Credit Counseling at
3:06 AM
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