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Secured Bad Credit Loans are Becoming the Norm

Written by: Gordon Goodfellow

Secured bad credit loans used to be viewed with some derision in times gone by. Today they are fast becoming the norm, and consumers should be glad. Here are seven excellent reasons why people should all celebrate it!

1. There is a lot of easy credit being offered these days and intelligent consumers are increasingly discovering that credit checks are being recorded on a daily basis. This should be taken as a positive thing as it leads away from old fashioned lending by the banks and opens up a more varied lending process for everybody which embraces a much wider market.

2. Banks are therefore not the only source. Banks prefer to have as much guarantee of security as they can, so they can afford to pick and choose the customers they lend money secured bad credit loans to. But using a 'one size fits all' attitude is definitely not good news for the majority of us, because we are all different. Knowing that banks may be this choosy means that people are able to go elsewhere. So in the long run the laws of the marketplace have provided us with a much wider number of sources when it comes to secured adverse or bad credit loans.

3. Secured loans are usually less expensive - sometimes far less expensive - than unsecured loans. This is because of the risk aspect. If a financial provider knows that the loan amount is tied into the borrower's property then it knows that the borrower has an extra responsibility to keep a roof over his or her head. Therefore the actual cost of borrowing through a secured loan will tend to be that bit less for this reason. Simply, the APR figure for secured credit loans will be lower. This can be seen clearly on any loan publicity material.

4. Longer repayment times. Hand in hand with the fact that the borrowed amount will be less expensive, the repayment period for secured borrowing can generally be set longer and thus the monthly payments will be somewhat lower for that reason (although economies of shorter borrowing times should also be factored in).

5. Personal service. While the secured loan will need more procedures and will generally take longer, people are likely to receive a more personal service than with an unsecured loan, where the application procedure is usually as anodyne and faceless as one simple application form. Most borrowers like to be treated like real people than just numbers or sales figures.

6. The number of secured loans available. As well as ordinary secured bad credit loans for any purpose, specific plans for varying types of loan have also grown up. Non-status loans, debt consolidation loans, and both personal and business advances are examples. Special plans will usually also exist if the house your loan is secured on is unusual. For example, brick and tile is the normal form of construction, but if your house is concrete based, or timber framed, or even has a thatched roof, special plans are there if you seek them out.

7. More personal circumstances are considered nowadays. Improvements in financial risk management assessment have meant that lenders are prepared to consider secured bad credit loans where such a thing was not possible in the past. The self-employed, in particular, are not treated as they used to be, especially with the recent trend toward self-certification. Three years of audited books are no longer automatically required from those people who work for themselves. Defaulters, people with CCJs, IVAs and even discharged bankrupts are now regularly considered in today's evolving world of finance. Increasingly, people take larger financial risks, especially the entrepreneurial minded. The market is evolving to take account of bad credit loans, because it must.

About the author:

Gordon Goodfellow is an Internet marketer, and market and social researcher. His websites dealing with secured bad credit loans take into account all possibilities that a potential borrower might present. For what this could do for you go to Secured Bad Credit Loans .

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