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Bad Credit Secured Loans

Updated on January 31, 2011

Getting a secured loan

This is how you could sum it up in a few words; You must have some sort of security to put down in order to get the loan. That means you need something of value for them to hold onto in case you decide to run off with the money. It can be anything big or small, from something as cheap as a mobile phone or something as expensive as a car. It all depends how much you want to borrow and how soon you plan to pay it back. Some companies allow you to send them documents to hold as collateral but some don't require you send anything at all, its all contractual. You will also need to provide details such as previous addresses in the last few years, any money that you currently owe and proof of identification. Don't let this put you off as most things nowadays is electronic and most of your credentials can be confirmed via trusted sources like your bank or insurance broker.

Getting a sercured loan online is very convenient and proves to be one of the fastest ways of executing a quick advance on your paycheck or some vacation money. You could even get a much bigger one to buy more property to expand your real estate portfolio. One of the major advantages of getting these deals online is the high competitive rate. Because so many lenders are deperate for people to come to them to borrow, they put interest rates very low allowing you to choose the one that doesn't cost much.


Money
Money

How to choose the best loan lender

When looking for an online secured loan lender, there are a whole bunch of things to look out for. The first thing you have to keep in mind is the amount they charge, getting a quick hassle free loan does come at a premium. If you want it quick, you have to look out for a number of things on the company's website and you cannot easily find reviews for individual companies. These are the top things you should look out for when choosong the best lender:

  1. Known lenders - Always look for companies that you know and have a good reputation. Alot of these loan companies have an option for you to apply online to make the process quicker. If go take this route, you might find that you get a better deal than instore. It is usually cheaper because they pay less in man hours when you do it online. Another advantage of using known lenders is the ease of verifying your identity and dropping off your security in person. This can take the hassle out of sorting any arising doubts on your application
  2. Apply with same day companies - Although many websites claim to get you the cash on the same day, it usually comes a day or two later. Same goes for companies that claim a "more realistic" 2-3 days. Those brokers usually take a week before you get any money in your bank account. You can find same day secured loan lenders that don't require you to fax in any documents and still get the cash to your quickly. For a small fee, they usually give you a couple of days to hand in your colateral and any further identity proof. If you are lucky you might find one that has a freepost service that allows you to send the security for free! 

Always remember to shop around, many people are getting loans and you can find them for cheap. The media claims that the rate of lending has gone down but that is far from true, the economy might be going down hill but spending is at its all time high. The money does not appear like magic from nowhere.

Look out for fees

Many lenders make their money back by charging you hidden fees that you had no idea was coming your way. After thinking that all went well, you find yourself with a stupid charge that makes no sense. Always read the fine print on lenders websites to make sure you don't get caught out by their great offers. You should always be carfeul when looking out for these fees, they know that people are too lazy to read so they fill up the agreement with loads of jargon and complicated ways of explaining things. If you have any doubt whatsoever, walk away. At the end of the day YOU are the one who is giving them business, they make a profit in the long run. Remember, choose wisely!

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    • E Padro profile image

      E Padro 

      6 years ago from United States

      Excellent hub, very detailed and informative. I like it, it offers information that many people will be glad to know these days. Thanks for sharing.

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