Apply for a Secured Personal Loan
Secured Personal Loans 10k to 60k
Get pre-approved for a secured personal loan up from 10k to 60k before you shop so you can save more money by negotiating on prices. Protect your credit rating by using Braid Finance today to help with your approval today.
Are you looking to purchase a car, renovate your home or go on holiday with your family? Go ahead and apply with us for the ideal secured personal loan for your needs and let your dreams come true.
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Secured Personal Loan Overview
When comparing your options, be on the lookout for the following.
- Interest rates. The interest rate charged on your loan determines how much you will end up paying at the end of the loan term. Always be aware of the rate you are being offered.
- Loan term. Loan terms can be set for short periods of time such as 6 months to a year or longer periods such as 5 years and above. Going for a shorter term means your interest rate will be lower but monthly repayments will be higher whereas for longer terms, your interest rate will be more but less monthly repayments.
- Minimum repayments. It is important for you to be aware of what your minimum repayments are for your loan and whether it fits well with your income and budget.
- Fees you will be charged. There are lenders who charge a monthly account fee on top of your loan or early repayment fee. Make sure you are aware of any fees that are applicable to avoid having to pay more money than you had expected.
At Braid Finance, we have partnered with lenders who can offer Secured Personal Loans that have flexible repayment and terms that can meet your needs plus the application process is easy.
The eligibility criteria for this loan varies from lender to lender therefore, ensure you check whether you qualify before you apply. To make your application process move faster ensure you have your I.D, bank statements or proof of income, proof of asset ownership and address details. If you have any questions, feel free to get in touch with us.
Please note, before applying for a secured personal loan, you may want to consider a few things such as how much the loan will cost, if it fits your budget, if you can comfortably repay the loan and whether you will be better off with a longer term or shorter term.
Lastly, consider comparing your options by looking at the interest rates, loan terms, repayment flexibility, loan amounts offered and whether your asset meets the requirements.
What is a Secured Personal Loan?
When it comes to personal loans, you have two options; Secured and Unsecured Personal Loans. A Personal Loan can give you access or rather it lets you borrow money to pay for something bigger than your everyday purchase such as a car, a trip, financing a wedding or even home renovations.
A Secured Personal Loan is a loan that requires an asset for security. For this, you can use an item that you currently own or you could use the asset you intend to purchase with the loan as security. It all depends on you. The most common type of Secured Personal Loan is a car loan and with car loans, you use the vehicle you want to purchase as security. Just like we mentioned above, you can also take out a secured personal loan for other purposes such as paying for a wedding, holidays, home improvement or renovations and purchasing new appliances. Note that your asset should be greater or equal to the value of the loan amount. Also the value of your asset determines the amount you can borrow plus Lenders may have requirements on the age and condition of the asset.
As a borrower, going for a Secured Personal Loan is advantageous to you as it features lower interest rates and fewer fees. Though with these loans, you are at risk of losing your asset if you fail to pay off your loan. With a Secured Personal Loan, one may borrow up to $60,000 or sometimes even more and you can pay over a period of up to seven years. This loan is a great option for people who are self employed, part time or casual employees and those with poor credit scores.
NB: Some of the most common assets you can use as security for this loan include a new car or used car, high cost assets such as expensive jewelry, some antiques, art pieces, prestigious cars etc., home equity and money that is locked away in a term deposit. For this, you can borrow up to the amount available in your term deposit.
Please note, before applying for this loan, you need to consider a few things such as how much the loan will cost, if it fits your budget, if you can comfortably repay the loan and whether you will be better off with a longer term or shorter term. Lastly, do compare your options by looking at the interest rates… variable and fixed, loan terms, repayment flexibility, loan amounts offered and whether your asset meets the requirements
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What are the Advantages and Disadvantages of a Secured Personal Loan?
The advantages and disadvantages of these financial options will help you decide whether it’s the perfect match for your circumstances.
Advantages of a Secured Personal Loan;
- Interest rates are lower. This is because this loan option is less risky especially for lenders mostly because you are giving up an asset which acts as security so in the case where you fail to pay off the loan, the lender has the right to repossess the asset.
- A Secured Personal Loan is flexible as you can use the loan for various purposes. Remember that when taking out the loan, the amount should not exceed the value of the asset.
- When it comes to the Secured Personal Loan, you have a better chance of approval even if you aren’t eligible for other loans. Also the fact that this loan is less risky, you can still apply even if your credit score is not great because you are offering an asset as security.
Disadvantages of a Secured Personal Loan;
- You risk losing your asset if you don’t repay the loan. As much as giving an asset reduces your interest rates, you risk losing it.
- How much you borrow is determined by the value of the asset. Therefore, if the asset that you offer does not hold much value, you may not get the amount that you require. So ensure the amount you require matches the value of the loan.
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Braid Finance is always more than happy to answer any questions you may have. All of our customers applications are individually assessed. If you have any urgent questions while we get back to you. Get in touch with us today.