Friday, February 4, 2011

Secured Personal Loans for Bad Credit Individuals - How to Get Such Low Interest $50,000 Loan Fast

It is indeed a difficult task to seek $50,000 financial assistance from various financial institutions especially when your credit is badly damaged. Furthermore, this task is extremely challenging when you have low credit score (with lower than 640 FICO score), and you are desperately looking for a financial solution. It seems that your chances of getting a financial support from financial institutions are rather slim as many would turn down your application due to your unsatisfied credit score.
Since you have your own property or other valuable assets including cars, boats, jewelries, stocks, fixed and cash deposits, you can use this opportunity to put up collateral for your secured personal loan application. If you want to get such $50,000 loan with low interest rate fast, here are some tips that you should consider:
1. Start contacting a real estate agent or asset surveyor to estimate the actual value of your property and other valuable assets - To be realistic, you need to have assets amounted more than $50,000 in order to be qualified as an applicant of this secured loan although you have a bad credit history. If your total assets are accumulated less than $50,000, you could probably be eligible for having such loan but the total loan amount would cost more plus high interest rate applied.
2. Start searching for non-bank lenders with high BBB ratings - You can use the Better Business Bureau (BBB) directory to locate such lenders with high BBB ratings based on where you live - for example, your area code, city, or state. Write down their contact details including their website URLs so that you can contact them personally.
3. Contact the lender and inquire about their secured loan deal - Most reputable lenders provide lending consultation service for the callers. Speak with their lending professionals in order to find out whether they could offer such financial solution based on your current financial situation.
4. Bring out your advantage to obtain the lowest possible interest personal loan - If you have a co-signer to back your loan application or your assets are able to be used as collateral, such advantage can actually request lender to reduce the total loan cost including lowering its interest rate. Furthermore, you can also request for an affordable monthly loan repayment so that you can allocate some money for other financial obligations.
Please take note that you have the responsibility to repay the loan as agreed, as the lender has the right to use your asset as repayment if you are unable to fulfill your duties as a borrower.

Tuesday, February 1, 2011

Bad Credit History Secured Loans - Setting Your Ambitions Right!

To understand the meaning of bad credit history secured loans, initially we need to understand the meaning of the Secured loans. These loans are issued against a property or a collateral pledged by the borrower with or without bad credit history to the lender. Bad credit history loans gives an opportunity to a borrower to qualify for the loan even with a poor credit history and a property which he needs to keep as a mortgage to the lender.
There are many reasons to apply for the loans like education, home renovation and even for expansion of business. The loan amount provided by the lender may range between £5000 and £75000 with a low interest rate and borrower gets an easy slot of repayment opportunity between 5 and 25 years. The matter of repayment can be resolved while negotiating the loan amount with lender.
A careful online research is required to make for an ideal lender who should be well known in the loan market. Before applying online, you need to carefully read the terms and conditions and it is nothing wrong to discuss this issue with your family and your friends before submitting the online application. Approval of the loan will be done on faster depending upon swiftness you use while submitting the application.
However, you need to maintain basic standards while qualifying bad credit history secured loans:
a) Citizenship of UK
b) Checking account with any bank of not less than 3 months
c) A fixed source of income.
Even though you have poor credit records, you need to mortgage your property while applying for the loan.
Johnty Flemming is an MBA in finance and has a rich experience of writing on topics related to finance. If you have any queries about secured loans, history loans, bad credit personal secured loans visit