Recording Business Magazine - Issue V-183

 

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Secured Personal Loans – Employ the Right Kind of Finance

Secured personal loans have a history that dates back to centuries before the advent of modern banks and financial institutions. Even in the ancient times, borrowers were able to draw funds only when the lender was given rights to certain assets. Though a vast change is visible in the lending policy today, the popularity of secured personal loans sees no decline. Though homeowners do have the option to take unsecured personal loans, a majority of the group prefers to have loans the secured way.

Mere apprehension of losing homes through repossession fails to motivate borrowers to change loyalties. At least borrowers who have been regular in credit transactions or had not more than one or two incidences of bad credit will not put their weight for loans without collateral. Loans without collateral or unsecured personal loans do not claim a direct charge on the borrower’s home, but compensate the risk with a very high rate of interest and equally strict terms. Therefore, while the safety of home is ensured, the cost of loan rockets up.

It is obvious that the cost of secured personal loans is lesser because of the lower interest rates and less strict terms. When the loan comes over for repayment, secured personal loans will be easier to repay because of lower cost involved.

The intention of loan providers who try to influence the decision of borrowers to take secured personal loans is often viewed disapprovingly. Lenders prefer secured personal loans because of the lower degree of risk placed by them. People interpret this as the lenders eye on their home. Lenders are in no way interested in repossessing house or any other asset kept as collateral. Since, repossession, maintenance and liquidation put a huge cost on the lender, he would better allow the borrower to himself repay the loan provided. Only in the most extreme of cases when the loan appears to become a bad debt, lenders undertake to repossess collateral.

Consequently, the fears regarding secured personal loans are misplaced.

Advantages of secured personal loans are numerous. Principal among them is the treatment meted out to borrowers who opt for secured personal loans. The preference that the secured personal loan borrowers enjoy is well known. Since the fate of an asset of theirs is on stake through collateral, not many borrowers would take the step to be irregular in repayments. Consequently, the risk involved in secured personal loans is lower. Leniency in other terms is the result of the reduction in risk.

Interest rate, for instance, is the lowest in secured personal loans. Typical APR ranges from 6% to 25%. The interest rate chargeable on any other loan will be much higher. The asset pledged towards collateral helps determine the APR that the borrower has to pay. Home and real estate property commands the lowest APR. Automobiles and title to motor vehicles too command a good interest rate, albeit higher than in homes.

The collateral offered also determines the amount that can be had through secured personal loan. Home presents the safest bet for lenders. Thus, maximum amount will be lent against home. As a rule, the largest amount is offered through secured personal loans. When secured personal loan is offered against home, it is the equity that decides the amount of loan offered. Thus, borrowers planning to use the loan proceeds to huge expense heads like debt consolidation, home improvement and car purchase will be benefited more through a secured personal loan.

Though the repayment options presented to the borrowers of secured personal loans are no different from that available to the unsecured loan borrowers, repayment is a relatively smoother journey for the former category of borrowers. Most lenders will make the terms of repayment flexible enough to suit borrowers. Some loan providers have deployed experts to educate borrowers about the various options that are available to them for loan repayment. The method used for disbursal of loan will be suggested after gaining a proper knowledge of the borrowers financial condition. A proper study indicates if the borrowers’ finances will be able to support the repayment method and the loan itself.

Secured personal loans do have a few drawbacks. Proper decisions and accurate planning on secured personal loan however minimise the impact produced by these drawbacks.




    


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