How to get secured loans?

When you take a loan it is the rate of interest that matters the most. Credit cards have the highest rates of interest among traditional loans

Welwyn Garden City, United Kingdom (prHWY.com) February 26, 2013 - When you take a loan it is the rate of interest that matters the most. Credit cards have the highest rates of interest among traditional loans (we are not considering private loans and payday loans). The APRs on personal loans have also gone up lately. In this scenario perhaps the best loan for you is a secured loan. Secured loans, as you know, are loans against collaterals. These are offered by multiple lenders and the chances of your loan application getting approved and the loan disbursed are much higher than a personal loan.


As with an unsecured loan it is also important to consider the APR for secured loans. Since the number of lenders is many it is worthwhile for you to spend some time going through their rates of interest because you will be saving money even if you save a decimal percentage on the APR. Go online and check the websites of some reputed secured loan providers. Most of them offer you the online tool where you can calculate your monthly payable against a particular loan amount with a particular rate of interest and a particular payment term. The final rate of interest may vary from what you see online but you will at least get an idea about the prevailing rate of interest depending upon your credit rating and the amount you need.


Someone may have told you that your credit rating doesn't matter in case you want to take a secured loan. The credit rating doesn't matter in approval and disbursal. This is because you are willing to pledge an asset against the loan. But the rate of interest is affected by your credit rating. They are inversely related meaning the rate of interest on secured loans is higher for those with bad credit ratings.


After you have shortlisted some lenders of secured loans you should now apply for your loan. A secured loan application can be done online by filling up a simple form. The lender goes through the information you provided and then approves or rejects your claim. If your claim is approved you get the agreement copy along with the list of documents that you need to submit. This is where you can compare between loans. Go for the loan with a lower rate of interest but keep in mind that the lender has to be well known in the market. You don't want to get into a scam. It is important that you read the terms and conditions of the loan carefully before you sign on the agreement copy.


When the agreement copy along with the documents reaches the lender they do their evaluation and then the loan is disbursed. Different lenders have different disbursal times but you usually get the money within 30 days of your papers being received by the lender.


Getting a secured loan is this easy. The internet has made the process completely hassle free and easy for customers like you. With secured loans you can take care of the expenses that are on your head.


There are many lenders that offer http://www.appleloans.co.uk secured loans. A good lender makes the loan process very easy and getting a http://www.appleloans.co.uk secured loan from one such lender is always hassle free.

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Categories: Finance

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