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Different Types of Secured Loans

Written by: Vipul Jain

People take out loans for many purposes. The need for money may arise any time. You can take out a loan when you need money urgently. Such needs offer a big business opportunity to lenders. They offer a variety of loans depending upon the needs of different borrowers. Loans are of two types - secured and unsecured. Secured loans are loans for which lenders require some kind of security, such as a property, from the borrower. This property can be repossessed by the lender if the borrower fails to repay the loan.

As mentioned earlier, secured loans can be used for a number of purposes. A debt consolidation secured loan can consolidate your loans into a single, low rate loan. A secured debt consolidation loan usually replaces unsecured loans and unpaid credit card bills that have a very high rate of interest. Since a secured loan carries lower interest rates than unsecured loans, it is ideal for debt consolidation.

Home loan is also a type of secured loans. When you buy a house, you require a huge amount of money. Lenders do not lend such large amounts without a security because of the risk associated with unsecured loans. Therefore, you have to offer your house that you are buying as collateral to obtain a home loan.

Homeowner loans are the most popular type of secured loans . Only those who own a house can obtain a homeowner loan. The rates of interest on homeowner loans are low and they can be used for any purpose. Car loans can also be considered as secured loans since the lender may take away the borrower's car if he defaults in the repayment.

You can also take out a secured business loan to finance your business. A business loan may be secured against your residential as well as commercial property. A secured business loan can be used to purchase raw material, pay wages, purchase land, building, or machinery, etc.

You can also take out a bad credit secured loan if you have a poor credit score. Lenders are usually reluctant to give bad credit loans without a security and therefore, it becomes imperative to obtain a secured loan if you have a bad credit history.

About the author:

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Shakespeare Finance as a finance specialist.


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