Lens1000
VIP Contributor
Money is a very important thing to pursue in life. it's a piece of paper that makes your world go round . Money comes as a reward for your effort and some time ones expectation or needs may exceed the available resources . This may call for an extra money to be able to meet up with the expectations. The only way to get this money is from outside sources, from financial institutions or loan sharks as they are called.
Secure loan is a readymade option. As the name implies, it's a loan secured by property as collateral . It could be used to expand businesses or to buy properties, just to mention a few.
The advantage of this loan is that you can borrow a large amount and it could be spread for a long period, say 5-25 years because of the collateral involved. But it is advisable to collect an amount you are capable of paying because of easy repayment. If you fail to meet up with the agreement, it may cost you the property
Bad credit records will make it difficult to get an unsecured loan
On a last note, is it advisable to get a secured loan?
Secure loan is a readymade option. As the name implies, it's a loan secured by property as collateral . It could be used to expand businesses or to buy properties, just to mention a few.
The advantage of this loan is that you can borrow a large amount and it could be spread for a long period, say 5-25 years because of the collateral involved. But it is advisable to collect an amount you are capable of paying because of easy repayment. If you fail to meet up with the agreement, it may cost you the property
Bad credit records will make it difficult to get an unsecured loan
On a last note, is it advisable to get a secured loan?