I'm confused as to what this actually means. Is this the kind of loan that you take out with your bank and they automatically take the funds out of you account to repay it?

A secured loan is a loan taken out against say your property so that if you miss or cant afford the repayments they have something they can get their oney back on. If you need a secured loan try ringing 0800 169 6570 they are called foundations and they were really helpful.

How is this different than a home equity loan? Must the property be a home?

Secured loans can be taken out on your home, a valuable possession or even a business you own, Ofcourse the danger of secured loans are that if you fail to repay the loan the items or property can be confiscated from you. Im not too sure how home equity loans work, but i have found that intrest rates on secured loans are very reasonable and your borrowing potential is increased.

One important thing about a secured loan - they are only available to homeowners who already have a mortgage. You borrow against the equity in your home - that is, the difference between the value of the house, and the balance of your mortgage.

In other words, say your house is worth £120,000 and your mortgage balance is currently £100,000. This means that the equity you have in your home is £20,000. You can borrow a secured loan against this £20,000.

If you don't have a mortgage (but you are a homeowner) you'll need to either get a small mortgage, or get an unsecured loan.

Ask your banker about "creative financing" and see what they come back to you with. Sometimes, if they know the entire situation, they can do amazing things.

what is the difference between a secured and a non secured loan?
and what is the benefits of a payday loans and how can i get one? Please PM

A secured loan means that your loan or part of it is secured by an asset(s) which will decrease the risk for the lender.

Payday loans are loans I would not recommend as it will never solve your problems which force you to take out a payday loan.

G'day to everyone


Secured loan means u must give some security to whom, who give u loan.


Thnx

A secured loan is any loan that requires the borrower to provide the lender with some form of security.

Secured loan needs some asset so they can take your asset which can be a house if you fail to repay, while non secured loan does not need any thing like that. They give you loan in the basis of your financial resources.

Hello Everyone

My Name is Gracy from United Kingdom

I am facing some Financial Problem in my life . If You have a Know some site who give me payday loan at minimum time just reply me its Urgent?

these are those loans that banks give against your property or fixed assets

Hi.
A loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender.On the other hand unsecured loans without any collateral and are based entirely on the character and capacity of the borrower to repay.

Secured loan is a loan that requires the borrower to provide the lender with some form of security.

Secured loans require collateral against your loan. Basically this is your property itself. Unsecured loan will result in higher premiums but no collateral required and risk as well. Payday loans will fit your budget, if you can manage it properly and EVERY day. For some people it's easier to manage monthly premiums.

I know it is easier for me.

Worth noting that you can also get a Secured Loan on your car... Homeowner Secured Loans are more popular though as the interest rates are so, so much cheaper.

Okay friends, my husband and I took out a private student loan before we quit our corporate jobs to go back to school for nursing. Now that I've been accepted to a school, I'm curious if mentioning this $30K student loan. I have a 4.0 GPA and am well qualified for scholarships in general, but I don't know how this financial factor plays in. Thanks for your help.
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ever green

Ity's basically a way for the banks or lenders to "secure" their money, by using one of your assets