Getting A Secured Loan With Bad Credit Does Not Have To Be A Drag
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James Copper
Apr 26, 2013, 5:40:02 PM4/26/13
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Please consider this free-reprint article written by:
James Copper
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Article Title: Getting A Secured Loan With Bad Credit Does Not Have To Be A Drag
Author: James Copper
Word Count: 543
Article URL: http://www.isnare.com/?aid=149559&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=149559
Easy Publish Tool: http://www.isnare.com/html.php?aid=149559
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If you have bad credit its probably going to be easier to look for secured loans than unsecured ones. It may be the wiser thing to do as well. While all of us hope to get a loan based just on our promise to pay and our signature on the dotted line the fact is that not the wisest move in many cases.
While it wouldnt at first glance seem that you would want to put up your home or your car as collateral in the event a debt is not paid, you may save money by doing so. Unsecured loans are higher risk. They therefore come with higher interest rates. Bad credit means secured loans are more likely to be required anyway, if you want the money.
So, if you need the money now and you have already been turned down for the unsecured loans - or you just dont want to go that route - you are quite likely to be able to get a bad credit secured loan.
Of course, if you dont repay the loan as promised that lender can repossess whatever it is you put down as collateral on that bad credit secured loan. Keep that in mind as you make the decision to apply for the loan. Secured loans are designed to help people with bad credit or no credit at all get the money they need.
The most common collateral for secured loans whether bad credit situations or not is vehicles or real estate, although collateral can be just about anything whose current value exceeds the amount of the loan. Some lenders might extend a bad credit secured loan with jewellery as collateral, or collectibles such as valuable coins or guns.
With any property other than a vehicle or real estate, however, the lender commonly takes possession of the collateral until the loan is paid in full. This is primarily because the debtor can more easily dispose of such collateral where he or she wouldnt get rid of his home or vehicle.
Very seldom does a bad credit secured loan require you to give up living in your home or driving your car. You get to keep either as long as you pay your bad debt secured loans on time. What you do instead of this repossession up front is to sign a note that allows the lender to have the title to your car or the deed to your home if you dont make your loan payments.
While you can, of course try to get your home back once it has been foreclosed on or your car once it has been repossessed, the lender has the right to immediately start sale of either once the default occurs. You may simply be too late if you let your bad debt secured loan problem get to the point of repossession.
There are many lenders who simply dont deal in secured loans except mortgages, no matter whether there is a bad credit issue or not. Other lenders specialize in issuing bad debt secured loans. The latter is what you need to find. The Internet is your best resource for finding these lenders.
About The Author: James Copper has been involved in the financial services industry for a long time. He is employed as a Bad Credit Secured Loans Consultant by http://www.just35.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=149559
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
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=149559
- 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=149559
- 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: Getting A Secured Loan With Bad Credit Does Not Have To Be A Drag
Author: James Copper
Word Count: 543
Article URL: http://www.isnare.com/?aid=149559&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=149559
Easy Publish Tool: http://www.isnare.com/html.php?aid=149559
*********************** ARTICLE START ***********************
If you have bad credit its probably going to be easier to look for secured loans than unsecured ones. It may be the wiser thing to do as well. While all of us hope to get a loan based just on our promise to pay and our signature on the dotted line the fact is that not the wisest move in many cases.
While it wouldnt at first glance seem that you would want to put up your home or your car as collateral in the event a debt is not paid, you may save money by doing so. Unsecured loans are higher risk. They therefore come with higher interest rates. Bad credit means secured loans are more likely to be required anyway, if you want the money.
So, if you need the money now and you have already been turned down for the unsecured loans - or you just dont want to go that route - you are quite likely to be able to get a bad credit secured loan.
Of course, if you dont repay the loan as promised that lender can repossess whatever it is you put down as collateral on that bad credit secured loan. Keep that in mind as you make the decision to apply for the loan. Secured loans are designed to help people with bad credit or no credit at all get the money they need.
The most common collateral for secured loans whether bad credit situations or not is vehicles or real estate, although collateral can be just about anything whose current value exceeds the amount of the loan. Some lenders might extend a bad credit secured loan with jewellery as collateral, or collectibles such as valuable coins or guns.
With any property other than a vehicle or real estate, however, the lender commonly takes possession of the collateral until the loan is paid in full. This is primarily because the debtor can more easily dispose of such collateral where he or she wouldnt get rid of his home or vehicle.
Very seldom does a bad credit secured loan require you to give up living in your home or driving your car. You get to keep either as long as you pay your bad debt secured loans on time. What you do instead of this repossession up front is to sign a note that allows the lender to have the title to your car or the deed to your home if you dont make your loan payments.
While you can, of course try to get your home back once it has been foreclosed on or your car once it has been repossessed, the lender has the right to immediately start sale of either once the default occurs. You may simply be too late if you let your bad debt secured loan problem get to the point of repossession.
There are many lenders who simply dont deal in secured loans except mortgages, no matter whether there is a bad credit issue or not. Other lenders specialize in issuing bad debt secured loans. The latter is what you need to find. The Internet is your best resource for finding these lenders.
About The Author: James Copper has been involved in the financial services industry for a long time. He is employed as a Bad Credit Secured Loans Consultant by http://www.just35.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=149559
*********************** 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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