A secured loan is a type of loan that is protected by an asset. It requires collateral to “secure” the loan, hence the name. The collateral can be money, property, or the item you purchase using the loan. Other items can be used to secure the loan as well, such as stocks or bonds. The collateral is a way to ensure that you will do everything you can to repay the loan. For example, if you struggle to keep up with the repayments and you use your home as collateral, the lender may take your home.
Secured loans are the most common option to borrow a large sum of money, especially for those who have a low credit score.
Secured loans offers numerous advantages. Below, we have listed the benefits you can enjoy by getting a secured loan.
You can get a secured loan even if you have low credit score. However, you may get a much lower interest rate if your credit score is good.
If the value of the collateral is very high, you may get bigger loans.
You can develop your credit history quicker by making timely secured loan payments.
Secured loans are less risky for lenders, so they may offer better terms.
Repayments are normally made on a monthly basis for a long loan term of maximum 30 years
From start to finish, Ploy was completely wonderful and polite. Shee went out of her way and made an appointment to see me. I would highly recommend this service to everyone.
The Thaiger and their partners are a very knowledgeable company and very friendly to work with when getting a loan. The team spoke perfect English and was very easy to communicate with. They do their best to please you and are extremely supportive.
Very Friendly Staff, felt comfy all the way through. They had to do some credit checks and asked me to send them some personal documents. Very happy with this service bring the products to the customers.
Very good service, the articles kept me informed about the products and suggest the steps and procedures, to be honest, you can take this information and apply your self at the bank yourself. However, if my loan can get approved without having to go to the bank this will save hours on my time.
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The most popular types of secured loans are mortgages and auto loans, but there are also numerous other types of secured loans available. Below are some of the most common types of secured loans:
A mortgage is a secured loan to purchase a house or other property from a bank or construction firm. When you sign the mortgage agreement you agree to give the property as security.
Your monthly payments will usually consist of the principal and interest, as well as taxes and insurance.
Home equity lines of credit loan (HELOC) enable you to borrow money using your home’s equity as collateral. It’s like a second mortgage, which turns equity into cash. You don’t get all of the money up front. Instead, you can use the funds on an as-needed basis. You only pay interest on what you borrow, and as the principal is paid down, the line is replenished so you can reuse it.
In order to protect its interest in the collateral, the lender holds title to the vehicle you purchase until you repay the loan in full.
An auto loan allows you to split a vehicle purchase into monthly payments over a period of time, making the vehicle more affordable for you.
I needed a loan to finance my vehicle purchase but didn’t know how to get it as a foreigner. I’m glad that I found the Thaiger. They helped me through every process, from finding the best lender for me, advising me about the term and the monthly repayments, and assisting me with the application. Thank you, the Thaiger!
Top tip: The most important step you can take if you’re interested in a secured loan is to do your research and know your ability to repay it.
Besides mortgage, home equity lines of credit, and auto loan, there are also other secured loan types. These include:
– Secured personal loans.
– Secured credit cards.
– Life insurance loans.
– Bad credit loans.
Below are different types of other products provided by Thaiger that can help you get a happier life and fulfill your needs without stressing your financial condition
Getting a secured loan may not be as easy as it sounds. Read our tips below to help you get your secured loan fast and esay!
Your lender may say that they provide you with the best-guaranteed loan package, but always shop around for offers and promotions to compare lender terms from other lenders.
On the web, you can find all kinds of useful information sites that will help you compare lots of loans on one screen from different lenders, which can save you time and money. You can do this easily on our website as well.
One of the worst mistakes you can make is to borrow more than they can actually afford to repay. To avoid any trouble in the future, make sure you can afford to meet your monthly repayments.
In their terms and conditions, some secured loans have clauses that will charge you more if you attempt to make an overpayment or to repay your loan early.
At the moment, our finances may be fine, but you may not know what can happen down the road. For example, you might lose your job or become unable to work for a while. This could bring your finances under pressure and make it impossible for you to repay your secured loans. Therefore, while it may be tempting to get the highest amount of loan, you should always think about the future.
Need quick access to cash? Let us help you get personal loans. When you need a fund for large expenses, personal loans may be the best option for you. Interest rates are typically lo wer than credit cards if you have good credit. Also, a Personal loan is a type of unsecured loan. This means that you don’t have to offer collateral if you don’t repay the loan. If you can use it wisely, a personal loan can fill a void in your budget without risking your assets.
Personal loans are instalment loans, meaning if you are approved, you will receive a lump sum of cash that you repat in fixed amounts.
Whether you need to borrow money for large purchases, moving costs, debt consolidation, emergency expenses, or other things, our Personal Loans service can help you out.
Such loans make use of your house as collateral. A secured loan indicates that you have security that your loan can be repaid. The threat is that if a revolving loan can not be returned, the lender can sell your collateral to pay off the loan
For lenders, secured loans are less risky, which is why they are typically cheaper
You will normally borrow up to the equity of your house.Equity is the percentage of the house you own, free of any debt, such as your original loan, plus however much of the debt you have actually paid back
A credit review is expected on most secured loans. That means your interest rate will be calculated by lenders based on your financial background and credit score. Since you are using an asset to protect your loan, interest rates for secured loans appear to be lower relative to unsecured loans
The value of the debt will either be equal to or less than the property being mortgaged. It can’t, though, exceed it.In most situations, the debt volume does not exceed 85 percent of the asset or property’s market value
Secured finance poses a lower burden for the lender because, in the event of default, the asset guarantees repayment. This results in lower interest rates than unsecured equivalents, with less strict credit rating and debt-to-income ratio requirements.
It is a credit limit secured by the borrower’s own property, applied in the form of loans or overdrafts, or both.
Of course, the form of refinancing credit would be submitted as home equity, which is the borrower’s own property as loan secured.
Copy of title deeds or ownership documents with all pages of the registration.
The requirement for an individual borrower. The borrower must earn more than 15,000 Baht for monthly net income.