| If you need money now, but have been
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| | real estate, it's called a foreclosure.
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| repeatedly turned down for unsecured
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| | In either case, the lending agency has
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| personal loans, you may still be able to
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| | the right to sell your property in order
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| get the cash you need with a secured bad
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| | to recover their loan.
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| credit loan. A secured loan is one in
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| | While autos and real estate are the most
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| which you offer something as 'collateral'
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| | common types of collateral, some lenders
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| to guarantee your repayment of the loan.
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| | will lend money with jewelry, coins or
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| If you don't repay the loan within a
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| | other collectibles or other types of
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| specified period of time, the lender has
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| | vehicles. Most often, if you secure a
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| the right to take possession of the
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| | loan with an item like jewelry or
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| collateral and sell it to recover their
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| | collectibles, the lending agency will
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| money. Secured loans are designed to help
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| | take possession of the item until the
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| those with poor or no credit get the
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| | loan is repaid.
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| loans that they need. Additionally,
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| | How to find a secured loan if you have
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| because the security deposit (another
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| | bad credit
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| name for collateral) guarantees that your
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| | Many lenders - banks in particular -
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| lender will be able to recover his money
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| | don't deal in any sort of secured loan
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| - most lenders will extend loans with
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| | other than second mortgages. Other
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| lower interest rates than the same loan
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| | institutions deal almost exclusively in
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| with no security.
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| | secured loans. Finance companies that
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| The most common types of collateral are
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| | deal in secured loans can be found in
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| real estate or automobiles, though it can
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| | your phone book, newspaper, and
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| be anything that is equal or greater
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| | increasingly, online. Shop around and
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| value than the amount that you borrow. In
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| | compare interest rates on loans and the
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| most cases, you don't give up physical
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| | terms of repayment with several different
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| possession of your car or home - you can
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| | lenders. You'll find many internet sites
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| go on driving it or living in it as long
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| | that let you request a loan rate quote
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| as you continue making your payments on
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| | from multiple lenders at once.
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| the loan. Instead, you sign a note that
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| | Once you've submitted a request for a
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| gives the lender a legal right to the
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| | loan quote, you'll be contacted by
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| title or the deed to your car or home. If
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| | representatives from several companies
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| you default on the loan - don't make the
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| | and can get a good idea of what each can
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| payments that you've agree to make - then
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| | offer you in terms of interest and other
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| the lending agency can take possession of
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| | finance charges and fees. Choose the best
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| your property. If it's an automobile,
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| | one for your needs, and apply for the
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| it's commonly called repossession. For
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| | loan. It's that easy.
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