Home » Loans » Personal » Secured Personal Loan
What it is
A secured personal loan is a loan or credit transaction in which the lender acquires a security interest in collateral owned by the borrower and has the right to foreclose or repossess the collateral should the borrower default. The terms of the transaction between the lender and the borrower are determined by a contract or security agreement. For instance, a person who purchases a vehicle on credit would have to surrender that vehicle to the lender if the borrower failed to make payments on the loan.
With secured personal loans, borrowers can access more competitive interest rates at lower prices because there is less risk to the lender that the borrower will default on the loan. Borrowers interested in secured personal loans, have to put vehicles, properties and other types of collateral down on the loan, which acts as incentive to encourage them to pay back the lender. Some borrowers will be able to obtain unsecured personal loans that don't put any of their property at risk, but they will pay higher interest rates.
Who it's for
Secured personal loans are for people who require substantial financing for personal reasons, including for purchasing vehicles, renovating property, buying furniture or redecorating, traveling, and many other purchases and activities. A secured personal loan allows borrowers to buy what they need at cheaper financing.
What you need to do to apply
In order to obtain a secured personal loan, interested applicants will need to contact a local lending institution and inquire about the different options and rates available. Personal and financial history, including a credit report, will need to be made available to the lending institution. A property appraisal may be required.
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