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Personal loan
What is a secured personal loan?
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[QUOTE="Merin Dsouza, post: 295238, member: 95436"] A secured personal loan is a type of loan where the borrower puts up some form of collateral, such as a car, a house, or a savings account, in order to secure the loan. The collateral serves as a guarantee to the lender that the loan will be repaid, even if the borrower defaults on the loan. If the borrower fails to make the payments, the lender has the right to take possession of the collateral and sell it to recoup the outstanding debt. Secured personal loans tend to have lower interest rates than unsecured personal loans because the lender is less at risk as they have collateral to fall back on. They also tend to be more widely available and easier to get than unsecured loans, as the lender can evaluate the value of the collateral and determine how much they can lend. Examples of secured personal loans are, an instant personal loan, car loans, mortgage loans, and home equity loans. It's important to keep in mind that by putting up collateral, you're risking losing that asset if you default on the loan, so it's important to ensure you can make the loan payments before taking on a secured loan. For more information visit:- Fibe.in [/QUOTE]
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What is a secured personal loan?
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