Loans can broadly be divided into two categories: secured and unsecured. With a secured loan, the lender will insist on some sort of security against the money you borrow, often a house or car.
If you default on the payments, the bank or building society can then sell the asset to clear the debt. You can usually borrow large amounts with a secured loan, and at a lower rate of interest.
Plus, you can pay back the debt over a long time period, perhaps ten or 15 years. However, secured loans are more risky than unsecured loans because you could lose your collateral if you cannot clear the debt.
You should therefore think very carefully - and consider other options - before taking out a secured loan. Help with budgeting.
The minimum term for an automatic renewal is 15 days and you will likely be required to pay renewal fees and additional interest charges. Were Committed To Service, Speed Security. Connect with a Helpful Lender. We commit to connecting you with an approved lender. We also made the process simple. No need to visit hundreds of websites and fill out numerous paperwork. The Need for Speed.
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