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Loans Information |
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A Secured Loan Could Save You Money
What is a Secured Loan? A secured loan is any loan that is secured on your home or property. It is any loan which requires you to provide the lender with some form of security other than just a promise to pay. The security will be your property or home. The property may be mortgaged or owned outright. If you agree to a secured loan on your home, you should remember that, although the property remains in your possession, it can be repossessed by the lender if the loan and the interest are not paid according to the agreed terms. The lender will then sell the property in order to recover the money you borrowed plus any additional costs incurred in recovering the money. Secured Loan Benefits In many instances secured loans can be repaid over a longer period with a lower monthly repayment. The interest rate will be lower on a secured loan than on a comparable unsecured loan. A secured loan may also offer more flexible repayment periods. 1. If you're a homeowner, you may get a lower rate through a secured loan using your property as security. By taking out a secured loan, you are agreeing to allow the forced sale (foreclosure or repossession) of the asset in order to pay back the loan. The risk to the lender is reduced so the interest rate offered is lower. This is why secured loans tend to be cheaper than unsecured loans and other forms of borrowing. The lender has the added benefit of security, which provides protection in the event of your inability to repay. 2. Secured loans are more easily accessible to those with a poor credit record. This means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit (ccjs, arrears, defaults, etc.) can take out a secured loan. 3. You can borrow larger amounts and repay over a longer period. The amount available usually ranges from 3,000 to 50,000, although some lenders will consider lending more. Compare this to unsecured loans where you're only allowed to borrow up to 25,000. If you wish to borrow a larger amount or if you require a longer period in which to repay the loan, secured loans may be the most suitable for you. 4. You can consolidate more expensive borrowings into a single much cheaper monthly payment. You may choose to take out a secured loan in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, unsecured loans and credit cards. Useful Points to Remember Before you take out a secured loan, make sure that you can afford the monthly repayments. Also, read the loan agreement carefully and pay particular attention to the rate of interest required, the term of the loan, the repayments required and the total amount payable. If you fail to repay the loan, the lender may repossess your property or home and sell it to repay the loan. If you borrow money using a mortgage as security you are agreeing that the lender can claim the mortgaged property if you fail to keep to the agreement. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. You can read some more articles about secured loans at: http://www.commercial-mortgage-guide.org.uk/loanguide/ Copyright 2005, Bwalya Mwaba writes for the The Commercial Mortgage Guide. Visit our website for mortgage related news, articles, tools and more: http://www.commercial-mortgage-guide.org.uk/. This article may be reprinted as long as all the above links are active and clickable and the author box (byline) is not edited.
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A Teacher’s Student Loans Were Forgiven. Then FedLoan Wrecked His Credit. The New York Times Jed Shafer thought his work navigating the troubled public *service* loan forgiveness program was finished. He found out he was wrong when Lowe's turned him ... Junior Ag Loans available to students pursuing careers in agriculture KRTV Great Falls News HELENA— The Montana Department of Agriculture is bringing awareness to their Junior Ag Loans. Students who are actively pursuing a career in agriculture ... VA publishes interim final rule on cash-out home loans Newton County Times WASHINGTON — The U.S. Department of Veterans Affairs announced that it has published an interim final rule relating to VA-guaranteed cash-out refinance ... Debunking The Auto Loan Delinquency "Crisis" Forbes Delinquent car loans hit record highs. Seven million people are now 90+ days delinquent on their auto loan. It's not the problem some are making it out to be. 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Council member Elissa Silverman has her ... The Hot New Solution to Student Loans Is Just Taking Money Out of Your Paycheck VICE If you have student loans in 2019, you also have a somewhat distressingly large number of different ways to pay them back. Besides the standard repayment ... Interest-free scholarship loans offered by college club Massillon Independent CANTON College Club of Canton is offering interest-free scholarship loans to qualified female Stark County high school seniors who will be attending college in ... How High-Interest Loans to Desperate People Built a $90 Billion Industry Fortune About 12 million Americans use these high interest loans every year, both online and through about 16000 storefront offices. This New Program Will Pay $75,000 Of Your Student Loans Forbes There's a new student loan repayment program - and it can help you repay student loans to the tune of $75,000. Here's what you need to know. New Student ... Mandatory Wage Garnishment for Your Student Loans Could Become Law The Root A Republican-backed proposal currently in the Senate could make automatic wage garnishment for your student loan payments become the law. How to Avoid Student Loan Repayment Scams | Student Loan Ranger U.S. News & World Report Borrowers should avoid student loan debt relief agencies that require upfront fees. Kushner Firms in Talks for Federal Loan to Finance $1.15 Billion Purchase Slate The real estate company owned by the family of President Donald Trump's son-in-law Jared Kushner is trying to get a little help from federally owned lenders for ... Lawmakers drum up support for payday loan reform bill in Mountain Brook AL.com Six years ago, Sherry Amos Prater entered her bank to withdraw $25. “I was told, 'Mrs. Amos, you don't have cash,'” the teller told the Vestavia Hills resident. 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Consumer Protection Bureau Cripples New Rules for Payday Loans The New York Times Payday lenders won a major victory on Wednesday after the Consumer Financial Protection Bureau moved to gut tougher restrictions that were to take effect ... A loan program was set up to boost energy efficiency. Instead, it's being used to build 'granny flats' Los Angeles Times Consumer groups say recent cases show that home improvement contractors wield too much power to sign up homeowners for PACE energy efficiency loans, ... Trump Promised to Blow Up the Rigged System. It’s Just Screwing People More Efficiently. Esquire There's an auto-loans bubble in Trump's America, and 7 million people are now caught up in it. What You Need To Know About Refund Anticipation Loans This Tax Season Forbes The beginning of tax season can be a busy and anxious time for taxpayers - especially those who are waiting for their tax refunds. This is a particularly stressful ... 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Loan risk rises outside banking system – regulators Reuters NEW YORK, Feb 22 (LPC) - Regulators are increasingly sounding the alarm about risk held by leveraged loan buyers outside the banking system as years of ... PM can waive Rs 3.5 lakh crore loans of bizmen, but not farm loans: Rahul Gandhi Times of India TIRUPATI: Congress president Rahul Gandhi on Friday accused the Narendra Modi government of 'forgiving' Rs 3.5 lakh crore loans of powerful businessmen ... What to Do About a Surprise Student Loan Bill Lifehacker If you've paid off a student loan, you know how euphoric it feels to send in that last payment. You're so happy to be free from the loan's weight you might throw a ... Report takes aim at Texas auto loans, which top the nation Houston Chronicle It's a trope, but true: Everything is bigger in Texas, including the car loans. Texans borrow a nation-leading $6,520 per capita for automobile purchases, ... 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Terri. India’s Sleepwalking to Trouble on Builder Debt Bloomberg Generous loan terms, indolent construction and a lack of market discipline have shielded the nation's developers. That's changing. Quicken Loans launches new Rocket Mortgage logo Crain's Detroit Business Quicken Loans Inc. has a new logo for its Rocket Mortgage product, and there are no rocket ships involved. The Detroit-based mortgage lender, which debuted ... Struggling with student loans? Virginia has a new way to help WTOP WASHINGTON — Virginians struggling with student loan debt have a new place to turn for help. Scott Kemp is the state's first student loan advocate. He works ... How NVIDIA Combats the Student Loan Crisis Fortune Artificial intelligence company NVIDIA offers full-time and part-time employees loan assistance. Student Loan Relief or Paid Vacation? These Workers Get a Choice Bloomberg Starting next year, U.S. employees at insurance company Unum Group will have a choice: The company will put money toward their student loans, if the worker ... Payday loans increase as households pushed into risky credit from non-bank lenders ABC News As banks pull back on new finance and tighten credit after the royal commission, households are being pushed into riskier forms of credit — leaving many ... America's Car Loan Debt Is out of Control and Getting Worse Jalopnik The sad truth about living in a country that has no real serious commitment to mass transit is that if you don't live in New York City, Boston, Washington, D.C., ... Heavy Student Loan Debt Forces Many Millennials To Delay Buying Homes NPR The Federal Reserve says the big increase in student loan debt is creating a noticeable dent in younger people's ability to buy homes. But economists say ... How to Deduct Student Loan Interest on your Taxes (1098-E) U.S. Department of Education If you made federal student loan payments in 2018, you may be eligible to deduct a portion of the interest paid on your 2018 federal tax return. Learn more about ... 5 bad reasons to take loan Livemint Taking loan to fulfil your tax-saving investments, for vacation and to buy expensive electronic goods that you can't afford will hurt your finances.Taking loan to ... What can happen when AI decides on your loan request Packt Hub Artificial Intelligence has became the redemption for loan providers. We should see AI in loan management as a useful toot, but not as a replacement for ... |
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