Secured Loan Calculator
What is a Secured Loan?
A secured loan, also known as a homeowners loan, is essentially the same thing as a traditional loan or mortgage, but with some notable differences. Here’s what you need to know about them and why you should think about getting one.
A secured loan means that you are borrowing an amount of money based on something you own. In case of home loans, your property acts as security for the amount you borrow. Therefore, as long as you pay your bills, it is likely to improve your credit score. Moreover, some lenders also offer secured loans which have lower interest rates and costs than unsecured personal loans. You can take such a secured loan if you wish to pay off high-interest debt or consolidate credit card debts into one single account with a lower rate. If you can improve your credit score, then securing even more money might not be difficult. Higher credit scores mean easier access to low-interest secured loans and second charge mortgages with better terms in the future.