Secured loans are loans where you will be required to use your property as collateral against the loan, so the lender is able to secure the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual net worth. The amount that can be borrowed will depend on the value of your property and your capacity to pay. Most lending companies and banks here in the Philippines will require you to secure your property, either your lot or house and lot will be required as collateral. But some local banks are willing to grant secured loans using your car, golf shares, jewelry and even house hold appliances as collateral.
You need to think very carefully about how you manage a secured loan. If you default on the loan you risk losing your home and/or properties.
Secured loans allow you to borrow more and repay over a longer period than a personal loan, up to 25 years for most bank. They can normally be used for almost any purpose either for personal use or equity for starting a business.
Borrowers who are self-employed, have recently changed jobs or have bad credit or credit card problems will be considered for a secured loan. They are also useful for borrowing larger sums or where the applicant requires a longer repayment period.
Getting the best secured loan for your situation can be complicated as there are
many factors and lending companies for the lender to take into account. With so many providers offering secured loans, trying to compare them all yourself could take forever. But better take your time doing research or you might end up on the loosing end and you may require Mortgage Refinancing
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