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If you know that you may not have the ability to pay back a secured loan, you should not attempt to take one because you may default in payments; it s better to have no money than to be in debt and have no money to pay it off.
Once you default on payments in an unsecured loan situation, you stand the risk of being charged to court. This ultimately leads to a court record which is a black mark, and discourages any lender in the future from giving you money.
Most secured consolidation loans are targeted at people who have a variety of debts from more than one source of credit; the consolidation loans is available at an interest rate of between 7.9% and 19.9%. You should select one that is affordable for you.
The conditions for obtaining a secured loan varies from lender to lender; while some may ask you to provide a detailed account of your financial for the past three years others simple ask your accountant for your details.
Lenders of secured loans do not dictate the way you use the money that is given to you. What they do dictated however is the when you would pay back, the amount, the percentage of interest and the duration the payment will spread out for.
A person with a good credit rating past tends to get a secured loan much faster than those who don t, because this assures the lender that he/she will be faithful in the payments.
People with bad credit history tend to go for unsecured loans more because these credit facilities tend to ignore the bad credit and do not demand any collateral before the loans is given unlike the secured loans.
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