How Do You Get A Secured Personal Loan?
Available through regular banks, specialized financial institutions and online lenders, a secured personal loan is one in which the borrower offers collateral to the lender in exchange for a loan at a lowered interest rate. To get a secured personal loan, you’ll need to present proof of your monthly income and a valuable asset you can use as collateral. Determine how much money you need to borrow. You’ll need to offer up collateral valuable enough to cover the balance of the loan. Only borrow what you need, since you’ll be paying significant interest on the balance of the loan. Make a list of assets you might use as collateral. These include any items of value that you own outright, such as a car or boat, but you might also be able to use major assets you’re still paying off, such as real estate. Other assets, such as cash investments, may also qualify to be used as collateral. Make an appointment to speak to a loan officer at your regular bank. You’ll have the best chance at getting g
