About Personal Secured Bank Loans
A personal secured bank loan is a loan in which the borrower is using some sort of collateral, such as their home or a coin collection. Find out why secured bank loans come with lower interest rates with help from a financial planner in this free video on personal loans and money management.
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Hi, my name is Bill Rae. I'm with HBW of Florida. I've been in the finance field for well over twenty years and have assisted many folks in their personal finances. Today, we're going to talk about personal secured loans. Where do you get them and what are they? First of all, a personal secured loan simply means that whatever loan or whatever money you're going to borrow, you're using some type of collateral. Collateral can be things such as your home if you own your real estate. It can be things such as a coin collection if it's valuable enough. Collateral can be anything of value that the lender deems that they can get their money back and the cost associated with that or a fairly good portion thereof. So, the only difference between an unsecured and a secured means if you're in a secured, you're putting something up that they can take back to get their money, generally means you're going to get better rates, better terms. At all times if you can, use a secured for the low interest, but like any instrument please make sure you know what it is you're signing. Make sure you understand the terms of that contract and at all times if possible seek outside counsel. My name is Bill Rae and I'm helping you build wealth.