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