Secured personal loans - single solution for all your financial
ills
The general opinion of people about secured personal loans has
undergone a sea change. They are no longer considered as evil as
in the yesteryears. They have become as much a part and parcel
of the present day's individual as some of the essentials like
food. In fact, it is secured personal loan which finances food
and other needs in the absence of sufficient income.
Earlier people would abstain from taking personal loans unless
it was very urgent. Personal loans during those times were more
often than not secured through collateral. There was always a
fear of repossession of the asset. The fears were not completely
baseless. There were quite a large number of instances of
borrowers losing their assets to loan providers because of non
payment of the secured personal loans.
Lenders too have a changed their attitude towards borrowers.
Lenders earlier felt that unless strict vigil be kept on
borrowers, there are greater chances of defaults on the secured
personal loan. However, there is not much truth in the
allegations. Borrowers are obliged to repay any loan that they
take. They know that they have no option other than to keep up
with the payments. The payments have to be made, although may be
delayed. It is the borrower who is most seriously disadvantaged.
An increased payment has to be made in the form of penalty. The
loan provider seizes the collateral and the borrower's credit in
the financial market sees a fall.
Lenders now try to go deep into the reasons behind the non
payment, if any. For borrowers who are genuinely incapable of
making payments at a particular point of time, the lenders are
ready to make concessions in the form of payment holidays.
And why the borrowers of secured personal loans shall not be
treated thus. Having offered the loan provider a right on their
home or any other asset, they have covered a large part of the
risk associated with lending.
Through secured personal loans, borrowers can get up to