Secured loans are said to be the most ancient kind of a loan as from the very first it has been designed in such an manner so as to keep the interest of all the parties involved into the transaction intact.
[UKPRwire, Mon Jul 26 2010] As the name itself suggests that secured loans refers to the loan type in which you the loan amount is backed by some sort of asset and due to the availability of a collateral the risk perception of the lender regarding the transaction is reduced as he is legally equipped to recover his invested amount and this gives him the liberty to extend low cast loans to the borrower.
Secured loans can be availed by an individual by either a retail lending store present in the market or from an on line portal sitting on the Internet and browsing through it but it is always advisable to avail a secured loan from an on line process because they are capable of providing you cheap secured loans as they don't have to maintain any retail store for this purpose and they don't have to hire any employees to give service to the customer as the whole loan processing in Internet enabled that helps them to save money and that savings is passed on to the ultimate customer and thus enabling the applicant to avail a cheap secured loan for him self.
Secured loans are said to be of two kinds one a mortgage loan is a kind of a secure loan in which the collateral is property, such as a home etc and the possible remedy for the lender in it in case of a default of payments is a foreclosure which is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower and the other part being the Non recourse loan which is a secured loan where the collateral is the only security or claim the creditor has against the borrower, like down payments for financing a car and the possible outcome could be repossession of the property in case of default of payments from the borrower.
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