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Everything You Need to Know About a Secured Loan
If you're not familiar with the term, a secured loan is a loan which requires a security deposit of some kind (also known as collateral) to protect the lender against nonpayment. The secured loan is the preferred type of loan for lenders who deal with people with bad credit, but is also used when purchasing certain types of property (such as an automobile or real estate.) Interest rates tend to be lower with a secured loan than with an unsecured loan (which doesn't require collateral, but charges higher interest rates to cover the additional risk.) Types of collateral Just about any property with value can be used as collateral for a secured loan, though some types are more common than others. Jewelry and rare coin collections can be used as collateral for some loans, though they are usually held by the lender to help protect them from theft or loss. Automobiles and real estate are popular forms of collateral, and lenders usually allow you to keep them while you repay the loan? you simply turn over the deed or title and the lender is given a legal claim to the car or house in case you should default on you secured loan (which is a fancy way of saying that you don't pay it back.) Car financing and mortgages are both forms of secured loans, in which the automobile or real estate that you're buying with the loan serves as the collateral for the lender. How a secured loan works When you get a secured loan, the lender will either take your collateral or process your collateral so that they have a legal claim to it. You will receive the money for the loan, which is often somewhat less than the value of the collateral? that way if you should default on your secured loan then the lender will still be able to get their money back. When you repay your loan then the lender will either return the property that you submitted as collateral or they will present you with a release? which means that they no longer have any legal claim to the property and you can prove it. Should you default on your loan, however, then after attempting to collect the debt the lender will be free to repossess and sell your collateral in order to get their money back. Shopping for a secured loan Before deciding on a secured loan, you should shop around and compare your options. Look for the lender that offers the lowest interest rates and borrow only the minimum amount that you need to get by. After all, the less you borrow with a secured loan then the less you have to pay back? and the lower your chances of losing your collateral. You may freely reprint this article provided the following author's biography (including the live URL link) remains intact: About The Author John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
Latest News:Site: Yahoo! News Search Results for news News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. News Corp. says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) Mark Williams, a News Corp. executive named late on Wednesday as chief executive of German pay-TV broadcaster Premiere, has taken over in an interim capacity, a News Corp. spokeswoman said on Thursday. United shares climb after news debacle (UPI) CHICAGO, Sept. 11 (UPI) -- A computer program assigning dates to news stories was partly to blame for a sell-off of United Airlines stock Monday, a Google spokesman said. Column: Palin's Nomination Good News Even For Democrats In Alaska (CBS News) So, John McCain picked Sarah Palin to be his running mate. Let me just say, wow. That's not exactly what I repeatedly shouted out when I first heard the news, but it's close enough for publication. Like everyone else, my astonished reaction wasn't due to the event itself being inconceivable - I've heard pundits debating the likelihood of a McCain / Palin ticket for months. JCDecaux in talks for News Outdoor Group in Russia (San Francisco Chronicle) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. In a statement, the global seller of outdoor advertising said it was in exclusive talks with Rupert... Premiere CEO Is Replaced by News Corp.'s Williams (Update2) (Bloomberg.com) Sept. 10 (Bloomberg) -- Premiere AG , the German pay- television company partly owned by News Corp., said Chief Executive Officer Michael Boernicke is being replaced by a senior News Corp. executive. Get the latest news in racing (Daily Racing Form) In order to read Daily Racing Form's free daily news stories it is required that you have a DRF.com free membership. If you do not have a DRF.com free membership, please register here . You will NOT need to be logged in to read each day's free news stories. Warning: MagpieRSS: Failed to parse RSS file. (> required at line 14, column 29) in /home/.hellodolly/jsteiner64/scholarlyarticles.org/loans/magpierss/rss_fetch.inc on line 238 Site: Warning: Invalid argument supplied for foreach() in /home/.hellodolly/jsteiner64/scholarlyarticles.org/loans/inc/ads-body.inc on line 52 MORE RESOURCES: Site: Yahoo! News Search Results for loans Riskier U.S. home loans fell in 2007: regulators (Reuters via Yahoo! News) Home loans to higher-risk borrowers fell sharply in 2007, as did some riskier practices such as layering "piggyback" mortgages to finance home purchases, U.S. regulators said in a report on Thursday. Fed auctions another $25 billion in loans to banks (Washington Post) WASHINGTON -- The Federal Reserve has auctioned another $25 billion in loans to squeezed banks to help them overcome credit problems. Groups back auto industry loans (Detroit News) Direct loans to the auto industry drew additional support Wednesday from two influential groups, the United Auto Workers and the National Association of Manufacturers. Chrysler ties loans to tech race (Detroit News) Chrysler President Jim Press defended a controversial plan to provide low-cost, federal loans to automakers, saying U.S. manufacturers needed the money to help them pursue technological advances. SBA Disaster Loans Available Following Secretary of Agriculture Disaster Declaration in Indiana (Centre Daily Times) The U.S. Small Business Administration announces today that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, and most private, non-profit organizations of all sizes located in the State of Indiana as a result of hail that occurred on June 21-22, 2008. Businesses prefer US$ loans due to stable exchange rate (Vietnam Net) VietNamNet Bridge ? Unlike previously, when businesses preferred borrowing money in VND for fear of VND/US$ exchange rate fluctuations, they now prefer US$ loans due to the lower interest rates. Chrysler's Press defends call for loans (The Plain Dealer) Detroit- Chrysler LLC President Jim Press defended a controversial plan to provide low-cost, federal loans to automakers, saying U.S. manufacturers needed the money to help them pursue technological advances and ensure that the United States does not end up exchanging its dependence on foreign oil for a reliance on imported batteries. Chrysler: Loans would speed electric cars' progress (Detroit Free Press) Chrysler LLC and other automakers will be able to come to market quicker with electric cars if the U.S. government goes forward with billions of dollars in loans to the automotive industry, a top Chrysler executive said today. Fed Loans May Give Lehman Breathing Room Bear Lacked (Update4) (Bloomberg.com) Sept. 10 (Bloomberg) -- Access to Federal Reserve loans means Lehman Brothers Holdings Inc ., which has plunged this week on concern about its capital, may have breathing room that Bear Stearns Cos. Webster Bank loses $12.5 million in bad construction loans (Republican-American) Webster Bank announced plans Tuesday to open flagship branches in Boston and Providence, R.I., even as its parent company said it expects to take a bigger hit from bad loans in the third quarter. Warning: MagpieRSS: Failed to parse RSS file. (> required at line 14, column 29) in /home/.hellodolly/jsteiner64/scholarlyarticles.org/loans/magpierss/rss_fetch.inc on line 238 Site: Warning: Invalid argument supplied for foreach() in /home/.hellodolly/jsteiner64/scholarlyarticles.org/loans/inc/rss.php on line 26 |
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