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  Category: Articles » Finance » Loans » Article

Personal Secured Loans: Security Gives You The Best Deals Possible!

By Marsha Claire

When it comes to security, we are all so demanding – whether it's security of our homes, our cars, ourselves or even of our money. Loan providers or lenders look at security in the same way. For them lending money is a business and not regular good deed. When parting with money, they too need assurance of the same kind that their money is going to come back. This assurance, given by us borrowers, is commonly known as collateral in the finance world. It is the main feature of Personal Secured Loans.

Personal Secured Loans are the favourite in the market today, constantly rising on the popularity charts. Personal Secured Loans are of different types depending on the purpose they need to serve – for instance, Personal Secured Loans taken to buy a new home are called Personal Secured Home Loans, those taken to make home improvements are called Secured Home Improvement Loans. There are also others like Secured Business Loans, Secured Payday Loan, Secured Bridging Loans, etc. Any loan taken with an assurance or a guarantee to repay the money (collateral), for any personal reason, is a Personal Secured Loan and it's benefits are many. Personal Secured Loans can fund anything and everything – be it a new home, your tuition fees, your dream holiday or even in medical emergencies.

Loan Amount and Collateral: Personal Secured Loans are allowed up to amounts of £75,000. If you have an excellent credit record or high valued collateral to offer, this amount can be extended up to £1,00,000 also. The amount approved is usually a percentage of the collateral value. Therefore, offering your home or any other property (high-value collateral) allows you a bigger amount.

Interest Rate: This varies between 6 to 30%. The interest for you is once again selected depending on your collateral value, your loan amount and the term or the period over which you will repay the amount. Interest is the main factor you need to calculate, when you need to know how expensive your loan will work out. Getting an interest rate as low as possible must be your main objective to work out a feasible loan. Personal Secured Loans offer collateral, thereby reducing any risk for lenders – i.e. they are assured of your repayment and even if you default, they can recover the money by repossessing your collateral since it stays in their possession till complete repayment of the loan. Since collateral offers so much security, the interest offered on Personal Secured Loans is much lower than that on most other loans.

Loan term: The period over which you choose to repay the loaned amount is commonly referred to as a Loan Term or as a Repayment Term. Personal Secured Loans usually have loan terms varying between 5 and 25 years. This is sufficient time over which you ideally should be able to repay any amount. The Loan term you choose must be such, that your monthly payments become affordable, since it is the term that will decide your instalments – i.e. a longer loan term means paying smaller instalments but more interest in the long run, while a shorter loan term suggests bigger monthly or quarterly instalment and lesser interest in the long run. (the interest rate remains the same). You therefore need to choose a loan term depending on your affordability.

Credit History: Although credit history that is studied by your lender before approval has to show an excellent financial past, there are many of us who may not have that track recork. But your credit statement is not such a serious issue when it comes to Personal Secured Loans since collateral nullifies any chance of you not repaying the amount.

Personal Secured Loans are well-crafted financial solutions that are at your disposal. You need to design your own loan package to try to reap maximum it's benefits. This is why finding the right lender is so important, since different lenders offer different options. Getting quotations from various lenders, studying all of them and then zeroing down on the one that best fits your pocket is the best way to go about this. Get educated about the loan terms, interest rates and other niceties and you will be in a very good position to demand the options you want.

About the Author
Marsha Claire is offering loan advice for quite some time. To find Personal Secured Loans, personal loans,bad credit loans,secured personal loans,bad credit personal loans in uk please visit

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