Secured Loans For People With Bad Credit – How to Find a Direct Lender

When you need funds but have secured loan bad credit direct lender, it can be difficult to find lenders that will approve your loan application. But there are lenders that specialize in offering secured loans for people with bad credit. These loans are secured by collateral such as a home, car or savings account, which the lender can take in the event you default on your loan. Secured loans typically have lower interest rates than unsecured personal loans. However, you should carefully weigh the benefits of a secured loan with the risks of losing your asset.

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Depending on your needs, you can find several online lenders that offer secured loans for people with bad credit. Some of these lenders also offer pre-qualification for borrowers to check their rates without impacting their credit score. These lenders usually require a government ID, proof of income, pay stubs and bank statements to process the application. Others may have brick-and-mortar branches and in-person customer service.

Secured loans for bad credit are backed by assets, which reduces the risk for the lender and increases the likelihood of loan approval. This type of loan is typically repaid in monthly installments and reported to the credit bureaus, so it’s important that you make your payments on time. Some lenders may require you to sign a lien on your property, which means the lender can legally take it in the event of non-payment. Other lenders, such as OneMain Financial and Upgrade, accept a wide range of collateral for a secured loan, including RVs, motorcycles, and boats.

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