Recent figures indicate that more and more people in the UK are availing secured personal loans, as they are much cheaper than other loan options like unsecured personal loans and payment cards (credit cards, store cards, charge cards and overdrafts).
A secured personal loan is the right choice for someone who has a big monetary requirement or a bad credit record or is not getting an unsecured personal loan. This loan can be availed by offering something valuable as collateral. The purpose of collateral is to secure the loaned amount. Irrespective of the reasons, repeated defaults or non-payment can lead to collateral seizure, i.e., the lender can sell the pledged asset to recover his investment.
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A secured loan deal may sound risky, but one can easily take care of the risks by paying his EMI's (Equal Monthly Instalments = Principle + Interest) as decided. Choose any one of the following payment plans to pay off the EMI's:
Fixed rate of interest - interest rate is fixed for a certain period and is reviewed at regular intervals
Flexible rate of interest - interest rate fluctuates in accordance with the base rate prevailing in the market
Interest only - borrower pays only the interest through out the term and the outstanding principle at the end of the loan term
Partial interest and partial repayment - borrower pays only the interest for a specific period and after that pays both the principle and the interest
Please note: Repayment plan should be in accordance with the borrower's payback capacity and future plans.
Presence of collateral makes it easy for the lender to part with his money and facilitate the loan seeker with quick attention, high credit limit, competitive low APR, flexible payback terms and negotiable loan conditions. Hence, secured personal loan provide a great way to use the equity in the house to raise money for any legal purpose.
Secured personal loans can be availed for a variety of reasons. Based on reason, some of the most popular loan varieties are homeowner loans or home improvement loans, debt consolidation loans, holiday loans, car loans, wedding loans, education loans and bad credit loans. One may even find a secured personal loan for business purposes.
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