Secured loan - Wikipedia September 2012: Secured loan lending is now worth £350,000,000. Secured Loan December 2012: Secured Loan lender Nemo Personal Finance launch the secured loan market's lowest ever interest rates of 5.592% per annum for employed applicants and 6.54% per annum for self-employed applicants. Is a Secured Loan a Good Option? - The Balance A secured loan is a loan that has an asset as collateral for the loan. In the event of missing a payment or defaulting on the loan, the bank or lender can then collect the collateral. This type of loan generally has a lower interest rate because the bank has a lower risk because it can collect the collateral if you default on payments.
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Cash-Secured Loan s: Build Credit and Protect Savings If your primary goal is to build credit, you don’t need a huge loan. Several thousand dollars should be plenty, and it’s common to start with loans smaller than that. Some banks offer cash-secured loans for up to $100,000, but the maximum amount depends on your bank or credit union. Choosing between Secured or Unsecured Loans ... Secured loans are not just for new purchases. Secured loans can also be home equity loans or home equity lines of credit. These are based on the current value of your home minus the amount still owed. These loans use your home as collateral. A secured loan means you are providing security that your loan will be repaid.