Can Someone Explain Loans In Plain English

Released on = December 25, 2005, 1:02 pm

Press Release Author = Reliable Co

Industry = Education

Press Release Summary = A Personal loan can be divided into two categories: secured
personal loans and unsecured personal loans. Homeowners can apply for a Secured
personal loan whereas tenants only have the option of an unsecured personal loan .


Press Release Body =
A Personal loan can be divided into two categories: secured personal loans and
unsecured personal loans. Homeowners can apply for a Secured personal loan (using
their property as security), whereas tenants only have the option of an unsecured
personal loan . Below is a more detailed outline of both types of loans:

Secured Personal Loan:

A Secured personal loan is simply a loan that is secured against property. Secured
personal loans are suitable for when you are trying to raise a large amount; are
having difficulty getting an unsecured personal loan; or, have a poor credit
history. Lenders can be more flexible when it comes to Secured personal loans,
making a Secured personal loan possible when you may have been turned down for an
unsecured personal loan. Secured personal loans are also worth considering if you
need a new car, or need to make home improvements, or take that luxury holiday of a
lifetime.

A Secured personal loan is a type of loan available to people with securable assets.
Usually these assets take the form of property, such as a home; this is why Secured
personal loans are often referred to as \'homeowner loans\', "home loans" or "second
charge loans".

You do not have to own your own home outright to be able to take out a Secured
personal loan; if you have a mortgage you can put the proportion of the home that
you own up as security.

Because a Secured personal loan is secured on property, most lenders will approve
your loan even if you have a history of adverse credit such as county court
judgements (C.C.J\'s), defaults and arrears. This make Secured personal loans very
attractive to people who would otherwise not qualify for a loan from their local
bank.

You can borrow any amount and repay it over any period from 5 to 25 years. You
simply select a monthly payment that fits in your current circumstances. Generally,
Secured personal loans tend to be cheaper than unsecured personal loans and other
forms of borrowing.

The interest rate for a Secured personal loan depends upon various factors such as
the amount of money you borrow, the length of time and personal details. You can
also insure your payments for peace of mind, so you do not have to worry if you lose
your job or are unable to work because of accident or sickness.

Secured personal loans are arranged through leading financial institutions so you
can be assured of a professional and responsible service.

Once your Secured personal loan application has been processed and accepted you will
be made a no obligation offer. It usually takes around 14 - 28 days for a secured
personal loan to be completed.


An Unsecured personal loan can be used for almost anything - a luxury holiday, a new
car, a wedding, or home improvements.

Unsecured personal loans vary from lender to lender, so it pays to shop around
before making a final decision.



Web Site = http://100moneymakers.com

Contact Details = Greg Vanden Berge

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