Secured Loans

Secured loans are available from the banks in Ireland. Although your loan may be secured by your property you are still likely to need a good credit history to borrow using a secured loan from the bank. Secured personal loans are a popular way of borrowing money. With a secured loan it is necessary to provide an asset as collateral for the security of the loan. Depending upon your credit rating you should be able to borrow large sums of money over a period of one to twenty five years.. As is the case with most loans it is worth keeping the amount you borrow to a minimum as the repayments on large loans can become extremely expensive. If you are unsure about the type of loan you want it is worth seeking expert financial advice. Read the terms and conditions of any secured loan you apply for thoroughly. Secured loans carry risk and if loan repayments are not made in time you could potentially lose the asset with which you secured the loan.

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Secured loans are commonly used

The most common example of a secured loan is the mortgage you may have on your primary residence. In this case, you get a loan from your bank, after supplying an agreed upon amount of equity or down payment. The bank will extend the loan only if you pledge the deed to your property as “collateral”. Thus, if you fail to make your mortgage payments to them, they have the right to “foreclose” and take the property from you. And to make matters worse, you will lose your equity or the amount you originally invested and any appreciation since buying the property.

How secured loans work

When a bank or lender issues you with a secured personal loan, they will first take security over one or more of your assets. In most cases this asset will be the one purchased using the funds from the loan. The loan contract for a secured loan will specify the secured asset, and will state that the bank or lender has the legal right to take possession of the asset if you default on your personal loan repayments. If you fall behind on your loan repayments and do not make suitable arrangements with the lender to repay your loan, they will have the legal right to take possession and sell the asset in order to clear your outstanding loan balance.

Arranging a secured loan

Because the bank can take possession of the asset securing a secured personal loan and can then sell that item to cover the outstanding loan balance, a secured personal loan is generally seen as a lower risk option for the bank than an unsecured personal loan. Thanks to the reduced risks, banks and other lenders will generally be willing to offer a reduced interest rate on secured personal loans, which means less money out of your pocket. Secured personal loans can sometimes be easier to obtain, especially when applying for larger loan amounts. This is also a result of the lower risk perceived by the bank or lender. The factors to consider when choosing a secured personal loan are similar to those considered when choosing any other type of loan. The loan should provide a combination of a low interest rate and ongoing fees, and should also give you the flexibility to pay weekly or fortnightly. It should allow you to make additional lump sum repayments at any time, and should also allow you to repay the loan early without incurring any excessive break costs.

How to compare secured loan providers?

When you are researching which company to take out a secured loan with you should ensure you make yourself aware of any restrictions that they may have. The majority of secured loan providers do not place restrictions on what the borrowed funds can be used for, so whether it is for a wedding, holiday, car or refurbishments, a secured loan could be suitable. Before you commit to taking out a secured loan you must ensure that you are able to make the monthly repayments, if you default on your payments then you could end up losing your home.

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