Secured Loans - Maybe A Risky Last Resort
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James Copper
Apr 26, 2013, 6:25:16 PM4/26/13
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Article Title: Secured Loans - Maybe A Risky Last Resort
Author: James Copper
Word Count: 526
Article URL: http://www.isnare.com/?aid=235694&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=235694
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A secured loan, or a loan where the borrower�s home is held as collateral, should usually be used as a last resort when all other options have been ruled out. The reason a secured loan should usually be reserved as a final option is because a secured loan is a large risk for the borrower. In the case that a secured loan is unable to be repaid according to schedule, the borrower will lose his or her home.
There are quite a few borrowing options that can be pursued before a secured loan is considered. Instead of a secured loan, borrowers would be well advised to first seek an unsecured loan. An unsecured loan may be more difficult to receive, because a secured loan is much less risky for the lending institution. However, an unsecured loan might be an option before a secured loan if the borrower�s credit is in good standing, and if the amount of money needed is not too high. Large amounts of money will normally require a secured loan.
Rather than going the route of a secured loan, another option borrowers can consider is the use of low interest or no interest credit cards. If a borrower has a good credit rating, instead of pursuing a secured loan, he or she can carry a balance on a credit card.
Another option a borrower can consider instead of using a secured loan is financing himself or herself through money that is saved in a savings account. This is not always advisable, since it is wise to keep money saved in case of emergency. However, it may be safer for some people in the long run, because it does not pose the same risks and losses that a secured loan does.
Finally, rather than pursuing a secured loan, it is always important to ask if the secured loan is absolutely necessary. If there is any way to wait for a few months and save some or all of the money needed instead of pursuing a secured loan, it would be a good option. Also, it would save a lot of money, because a secured loan would charge interest, but saving, rather than borrowing, would not include any payments of interest.
In some cases, the borrower may review these choices and decide that he or she has absolutely no other option than to pursue a secured loan. If this is the situation, it is important that the borrower find a secured loan with a good interest rate, as the secured loan will most likely be paid over a long period of time. Also, it is wise to look for a secured loan repayment plan that is very manageable. This will give the best odds of being able to repay the secured loan in a timely manner, as well as with as little interest paid as possible.
Although a secured loan should not be the first choice for most borrowers, if the secured loan is pursued in a wise manner, it can be very helpful, especially for those lacking good credit history.
About The Author: James Copper is a writer for http://www.any-loans.co.uk
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=235694
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=235694
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=235694
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Secured Loans - Maybe A Risky Last Resort
Author: James Copper
Word Count: 526
Article URL: http://www.isnare.com/?aid=235694&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=235694
Easy Publish Tool: http://www.isnare.com/html.php?aid=235694
*********************** ARTICLE START ***********************
A secured loan, or a loan where the borrower�s home is held as collateral, should usually be used as a last resort when all other options have been ruled out. The reason a secured loan should usually be reserved as a final option is because a secured loan is a large risk for the borrower. In the case that a secured loan is unable to be repaid according to schedule, the borrower will lose his or her home.
There are quite a few borrowing options that can be pursued before a secured loan is considered. Instead of a secured loan, borrowers would be well advised to first seek an unsecured loan. An unsecured loan may be more difficult to receive, because a secured loan is much less risky for the lending institution. However, an unsecured loan might be an option before a secured loan if the borrower�s credit is in good standing, and if the amount of money needed is not too high. Large amounts of money will normally require a secured loan.
Rather than going the route of a secured loan, another option borrowers can consider is the use of low interest or no interest credit cards. If a borrower has a good credit rating, instead of pursuing a secured loan, he or she can carry a balance on a credit card.
Another option a borrower can consider instead of using a secured loan is financing himself or herself through money that is saved in a savings account. This is not always advisable, since it is wise to keep money saved in case of emergency. However, it may be safer for some people in the long run, because it does not pose the same risks and losses that a secured loan does.
Finally, rather than pursuing a secured loan, it is always important to ask if the secured loan is absolutely necessary. If there is any way to wait for a few months and save some or all of the money needed instead of pursuing a secured loan, it would be a good option. Also, it would save a lot of money, because a secured loan would charge interest, but saving, rather than borrowing, would not include any payments of interest.
In some cases, the borrower may review these choices and decide that he or she has absolutely no other option than to pursue a secured loan. If this is the situation, it is important that the borrower find a secured loan with a good interest rate, as the secured loan will most likely be paid over a long period of time. Also, it is wise to look for a secured loan repayment plan that is very manageable. This will give the best odds of being able to repay the secured loan in a timely manner, as well as with as little interest paid as possible.
Although a secured loan should not be the first choice for most borrowers, if the secured loan is pursued in a wise manner, it can be very helpful, especially for those lacking good credit history.
About The Author: James Copper is a writer for http://www.any-loans.co.uk
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=235694
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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