Want to make money? Get a loan!
By Mark Lambie
Want a way to make more money? Who doesn't! We live in a world that
barely pays us enough so finding more money in our life is great. It's like
reaching under the sofa and discovering cash you didn't know you had!
One way that you can get more money is with a secured loan.
Wait a minute, you're saying. How can a loan give me more money?
Doesn't a loan, by its very nature, reduce the amount of money I have?
It's true that it may seem like that, but a secured loan is an ideal way to
make money. Here's how:
A secured loan is a loan that provides some kind of asset as a guarantee
to a lending agency. So when you apply for a loan, you also suggest that if
you cannot pay, you have some kind of asset that will cover the default
amount. For some people, it's their car. For others, it may be their jewelry
or some stock certificates.
Whatever it is, lending institutes like secured loans because it reduces the
risk they have when lending money. Unsecured loans are high risk
endeavours for them because if someone defaults on the loan, there is
little they can do to get their money back. On the other hand, secured
loans have some kind of guarantee which makes them a risk-free
investment for the lending agency. And because there is little risk to them,
they are willing to pass some of that savings on to you in the form of
reduced interest rates and longer repayment terms.
So here's how you can make money from it. First, collect all of your credit
card bills together. Add up how much you own. Many people owe in the
thousands and are shocked to discover that the interest rate is abysmally
high. Second, find an asset that you can use to get a secured loan. Third,
shop around and find a loan provider.
Collect those debts together and consolidate them under one secured
loan. That way, you'll reduce the amount of interest you pay on each debt
because secured loans have lower interest rates than credit cards. And,
you'll stretch out your repayment period beyond the short term that credit
cards give you. And, even better, you'll have a fixed amount of money you
know you have to pay each month, rather than get surprised every few
days with another bill from a credit card company.
Since people often pay half as much above the purchase price in interest
on credit cards, you'll make money you would have spent by consolidating
your loan into a UK secured credit card consolidation loan.
About the Author
Mark Lambie is the founder of Loan Source, a website for UK residents seeking secured loans. Visit
our website today for a free Secured Loans quote and find
out how much we can save you.
Article Source: http://www.simplysearch4it.com/article/18537.html
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