Secured Loans

A secured loan is a loan by which a borrower guarantees that he or she will pay back a loan by offering an asset as collateral for the security of the loan. Most peopleís most valuable asset is their home and because of this that is what is usually offered to secure the loan. Secured loans are generally available both from banks and independent financial institutions. If you are trying to obtain a secured loan from a bank you are likely to need a good credit rating. However, if your credit history is patchy it is likely that you will need to go to an alternative loan provider. The interest on a secured loan should be lower than that of an unsecured loan. If you are looking for a secured loan make sure that you shop around and compare different companies in order to work out who can offer you the best deal. Secured loans to carry a risk because if you fail to make loan repayments on time you could lose your home. It is very important to read the terms and conditions of secured loans in detail to make sure that you fully understand your financial obligations.

Search Report: Personal Loans  Unsecured Loans  Secured Loans

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

CitiFinancial
CitiFinancial

Lender26.99%-36.99%$300 - $20,00012 Months60 MonthsTerms

Terms

You have some established credit history.

Suitable

Suitable

If you are looking for a loan amount of $300-$20,000

Restrictions

Restrictions

You are a resident of Canada, but do not reside in Nunavut

YesYesCitiFinancial
With 200,000 customers in Canada and two million in North America, CitiFinancial is the world's leading financial services provider. The application process for a personal loan is fast and secure. If you are approved, you could get up to $20,000 by tomorrow! Apply today and get the money needed to achieve your goals! Citi Financial is part of one of the largest banking groups in the world so if you decide that Citi is company for you you can feel safe in the knowledge that you are dealing with a bank with a great reputation. DETAIL INFORMATION >>Services

Services

Fixed interest rates for entire loan term


Advantages

Advantages


Get the money you need, when you need it. With CitiFinancial, you can rely on:
1. One-on-one, local service from a knowledgeable loan specialist at your local branch.
2. Fixed rates and manageable, fixed payments for the life of your loan
3. Loan options that suit your needs and budget
4. Flexible payment options: choose your due date and pay online or in person
5. Secure, 24/7 Online Account Management to make online payments, update account information and view payment history
6. Pay off your personal loan any time with no prepayment penalty or fees.
7. Change your mind and cancel your personal loan within 14 days with no charges and no questions.
8. CitiFinancial is a community-focused lender. We take pride in making a different in the communities where we live and work.


Disadvantages

Disadvantages

1. Collateral may be required depending on borrower's credit profile
2. Interest rates are based on various factors, which include your income, credit score and payment history.

Refresh Financial
Refresh Financial

Lender15.99%$1,200, $2,300, $3,200 and $5,5003 years5 yearsTerms

Terms

Weekly Payments Starting at Just $12

Suitable

Suitable

- Undischarged Bankrupts - Discharged Bankrupts
†- Individuals going through consumer proposal
- Individuals being declined for other loans due to bad credit
- New immigrants looking to establish credit in Canada
- Students looking to build up credit
- Individuals with no credit at all
- Individuals affected by identity theft

Restrictions

Restrictions

Canada only - excluding Quebec and Saskatchewan

YesNoRefresh Financial
Refresh Secured Savings Loans are specifically designed for those with bad credit. Whatever your credit past, a Refresh loan can help you rebuild credit allowing you to obtain future financing more easily and at competitive interest rates. A Secured Savings Loan from Refresh will not only help you rebuild your credit, but also help to build your financial savings as you progress through the loan term. Refresh services those individuals with no or little credit history, typically from financial distress such as bankruptcy or consumer proposal. Fill out a free and secure application today and experience the Refresh difference! DETAIL INFORMATION >>Services

Services

Loan / Credit Rebuilding


Advantages

Advantages

1.Affordable payments starting at as little as $12 per week.
2. Almost all applicants are approved.
3. No up-front out of pocket expense. Rebuild your credit after insolvency, or financial hardship.
4. Reports to the credit bureau (versus a payday loan that doesnít report and therefore rebuild credit history).
5. Build up automatic savings to reach your financial goals as you progress through the loan.
6. Access cash during the loan term (without affecting your interest rate or payment amount) for emergency expenses, paying off debts, or going on a vacation.


Disadvantages

Disadvantages

1. Not an upfront cash loan.

If you wish to speak to someone: Contact Us

Compare Secured Loans

Take your time if you are considering secured loans

If you think a secured loan might be the best option for you, then investigate and review all the deals being offered by lenders. Look closely at the fine print before approaching a particular lender and get some impartial advice if you are confused in any way. Don't be put off however, as the loan is backed by your assets, it can be a good option for those who are self employed, have just started in a new job or have a questionable credit history. Secured loans are sometimes also cheaper alternatives to re-mortgaging, which can be a more expensive choice because changing agreed mortgage contracts can incur penalties or extra fees.

The process with secured loan applications varies

As with any other loan, the amount you borrow will need to be repaid monthly at rates determined by your lender. You can usually choose between three and twenty five years to repay it. It is extremely important that you make the repayments each month without fail. Falling behind with your monthly payments could result in your losing your property. The amount you will be allowed to borrow typically depends quite heavily on the equity you have available in your property. However, the size of the loan, its repayment terms and the interest rate attached to it will also depend on your personal circumstances and your lender's view on whether you can comfortably afford the monthly payments. Therefore, it is worth taking a look at your current financial situation and making sure that you really can afford the repayments before you commit to taking out the loan.

How to get a secured loan

A secured loan is a loan which is secured against an asset in your possession. For most people, their biggest asset is their property, and therefore the home is most commonly used to secure a loan. Most secured loans can only be taken out by homeowners. Even if you do own your property, you will still have to go through a credit check and meet the lenderís criteria in order to be granted a secured loan. A secured loan is usually the financial option that is suggested if you want to borrow a large amount of money. Borrowers who can provide collateral for the loan are seen as less of a risk by banks and other loan providers.

What are the risks associated with secured loans

Before you commit to taking out a secured loan it is of paramount importance that you are able to afford the monthly repayments every month. If you are not able to make the monthly repayments, you run the risk of losing your house so you must ensure you only borrow what you can afford to pay back. When comparing secured loans, you must ensure you look at the administration fees and interest rates offered so you are confident you will receive the cheapest secured loans available.

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