First things up ahead, a secured loan is good and an unsecured loan is even better- however, a loan is a loan whether secured or unsecured, personal or business, small or big- which must be paid as at when agreed or due.
There are times when you need that small financial aid (for small undertakings such as paying gas bills, legal fees, rent, auto repairs, medical bill, etc) or at times a big financial aid (for big undertakings such as setting up a business venture, traveling abroad, launching a project, etc) to serve as a boost before payday (or the big money) arrives; and you pretty well know applying for a loan will ready be of great assistance at such a crucial time, a secured or an unsecured loan might just be what you need to tide you over.
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However, there are mis-conceptions as regards loans in general- be it secured or unsecured. This may partly be due to stories and tales told, read or heard of people who have had to forfeit one possesion (asset) or the other in lieu of not being able to payback the loan (debt) owed.
Opportunity for Loan is created and made available to as many would not mind to apply and in due course payback.
WHAT IS A SECURED LOAN?A loan is said to be secured when the borrower gets to place any valuable asset (so named Collateral) in lieu of the borrowed/loaned amount of money.
Anything of value can be tendered as a collateral when applying for a secured loan. In most cases, real estate property, vehicle/automobile and jeweleries are the usual and often accepted legal tender/ or securities that is pledged against the loan applied for.
The original papers (or documents) attesting to the claim of ownership of such collateral are requested and deposited (left and kept) in the custody of the lender (financial institution or bank).
