Where to get a Secured Loan

Author: needaloan
Posted: Mon Aug 22, 2005 9:23 pm
Post subject: Secured Loan


What popular bank branches offer secured loans, I am having trouble finding one?

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Author: CompJock24
Posted: Tue Aug 23, 2005 6:33 am
Post subject: Secured loan



needaloan,

I personally just applied for an used auto loan. On the application it had a check box that asked for which type of loan I was applying for:

LOC (line of credit), Unsecured, Secured, or Credit Card. Under the Unsecured check box, it asks for how much I am requesting and for what "Purpose", however, under the Secured check box, it asks for how much I am requesting and what is the "Collateral"! Naturally, because I am taking out a used auto loan, my collateral would be the used car. Why? If I don't pay back my loan, the bank will take the car (reposess) away from me. That's what makes the loan secure - the bank will get something in return if I don't pay them back; as opposed to an unsecured loan (ie, personal loan) the bank has nothing to gain from you if you don't pay them back (hence the higher interest rates many will pay for a personal loan). But then again, I can't confirm this, but I think you might also be able to take out a secured personal loan as well, using your savings assets as your collateral...not 100% on that one though.

As far as what popular branches? Wachovia, Bank of America, SunTrust, Banco Popular, Third Fifth Bank, Wells Fargo....but I don't recommend doing this as you'll pay higher interest rates for these bigger "more popular" banks. I suggest joining your local Credit Union. They offer lower rates on all types of loans and best of all, as a member, you have co-ownership of the bank. To find a credit union nearest you, visit the Nations Credit Union Administration (NCUA).