Many people shy away from the thought of a secured loan because they need to use their property as security. They get alarmed at the thought of losing their home in the event that they are unable to repay the loan.
Others will avoid this type of loan believing they will be tied up for a long period of time or that the interest rate will be crippling.
Well I'm here to tell you that these loans come with a long string of short-term and long-term benefits. Most of the above mentioned fears are unfounded as secured loans score heavily over other types of loans. Here is a list of some of the major benefits on offer.
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Initial Repayment Holiday
Many loans come with an initial repayment holiday. This means that you do not have to pay any installments for a set period that can extend up to a 5 whole months! Think about it - you will get enough and more time to consolidate, regroup and plan your repayment!
Fixed Interest Rates
Your interest rate is guaranteed for a fixed number of years (maximum up to 5 years). This frees you from the vagaries of economic policies and interest rate decisions by Central banks. You also know how much you will have to repay every month, and you can plan well in advance.
Balloon Repayments
Repay a part of the principal sum in advance, over and above the usual monthly repayment. This comes in handy when you have surplus cash in your hands, which you can use for squaring up a part of your loan. The interest goes down to and the installment period is reduced as the principal outstanding reduces.
Insurance Cover
Get cover for accidents, illnesses and unemployment. In case you are embroiled in any of these situations, the insurance company will make the loan repayments on your behalf.
The insurance cover guarantees that you or your family will not face any hardships, in case anything untoward happens. Death is also covered by these insurance policies.
Also, if you have opted for this repayment cover policy, and if you keep up all your repayments and have not made any repayment claims, then some companies refund the entire premiums that you have paid on the policy. This repayment is made at the end of the term of the repayment cover policy.
Additional Loan Amount
Some Lenders will allow you to borrow up to 125% of the value of your property. This extra cash may come in handy if you see a golden investment opportunity and want to strike when the iron is still hot. This is also a great alternative to a remortgage. Try finding a remortgage for 125%, it simply doesn't exist.
Early Repayment
A number of Lenders will give you a rebate on your interest if you repay the loan ahead of schedule. Interest saved is interest earned, and one always gets a pleasant surprise when he/she lands a windfall!
These in short are the key benefits of a secured loan. Just remember to deal with a smart loan broker for all your loan requirements. Good luck.
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