Meet Financial Needs at Low Cost through Personal Secured Loan Word Count: 508 Summary: Personal secured loan enriches borrowers financially as the loan not only meets immediate requirements but also restores credibility and monetary health of the borrower in case of bad credit. The loan is availed with ease at lower interest rate and low cost. The article deals with different aspects of availing the loan beneficially. Keywords: Bad credit secured personal loans, Personal secured loans, Tenant loans, Secured debt consolidation loans, Unsecured personal loans Article Body: You require a fund for various purposes but to get loan at easier terms and conditions that suit your budget becomes a tough task due to different reasons. Yet financial needs have to be met. For these borrowers personal secured loan turns out as the best option because of lower interest rate and low cost attached to it. Lenders provide personal secured loan for whatever purpose the borrower wishes to put it. Being essentially secured loan, to avail personal secured loan, the borrower has to place any of his property as collateral with the lender. Home, vehicle, jewelry, valuable papers etc serves well purpose of collateral. While deciding on collateral, one should bear in mind that loan amount and interest rate depends a lot on the equity in collateral. Equity is market value of the property minus debts of the borrower. Lenders first arrive at the equity in the collateral if the borrower asks for a greater than normal range of loan. So in case of larger loan, high equity collateral like home should be offered to the lender. Lenders usually provide personal secured loan in the range of £3000 to £75000 which meets financial needs of an average borrower. The biggest advantage of opting for personal secured loan is lower interest rate which is way lower then any unsecured loan. Loan providers in fact are willing to reduce interest rate on personal secured loan to win the costumer. But again, high equity collateral and sound financial standing of the borrower enables him in bargaining for cheaper interest rate. Moreover, if one takes advantage of cut throat competition in the loan market, the loan can be availed at reduced interest rate. Another advantage with personal secured loan is that borrower can repay the loan in the repayment term of their choice. The loan is provided for repayment term of 5 to 25 years. This larger duration is blessing in disguise especially for people with average repaying capacity. Opting for larger repayment term, they can reduce monthly outgo in installments and save money for other expenses. Even if you are labeled as bad credit, personal secured loan is equally available. As the loan is well secured against property of the borrower, lenders can ignore bad credit of the borrower. However, it would be wise if easy debts are cleared and thus some improvement shows up in credibility of the borrower before rushing for the loan. Applying part of the loan availing is important. Prefer applying online for personal secured loan as this way you are offered number of loan packages by as many loan providers. This enables you in picking suitable loan offer having lower interest rate and easier terms-conditions. Moreover, online applying reduces cost of the loan as lenders charge no fee for giving information or processing application. Personal secured loan meets monetary needs of people coming from different financial backgrounds. The loan helps in restoring credibility and financial health, in case borrower is going through bad phase. Make sure that you pay back the loan in time to avoid debt accumulation.