There are a number of benefits to taking out secured loans as opposed to unsecured loans. First of all, if you are a home owner and have the ability to offer security to a bank or other lender, then you will have a much better chance of getting credit. Lenders are always very worried about risk, and the biggest risk from their point of view, is that you will be unable to pay back the loan. Therefore, if you have provided them with some form of security, then they will be far more willing to lend to you.
Your Credit History
This is true even if you do not have a perfect credit history. The fact of the matter is that lenders will be willing to overlook your poor credit history simply because you have the ability to provide them with security against the loan.
More Available Capital
Another advantage of secured loans is that you will typically be able to borrow far more than on a secured basis. Most people will have a couple of thousand pounds in unsecured debt, usually from bank overdrafts, credit cards and perhaps student debt. Other than this, if you need to borrow larger sums, you will pretty much require security. And the value of the...
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