Secured Loans – Finding A Suitable Secured Homeowner Loan

Personal loans guaranteed are available from many sources, and are relatively easy to obtain either through the Internet, finance company, bank, or even a credit card company for anyone with collateral. The quickest (and apparently most common) financing is payday loans. They are secured by the next paycheck, and allows the borrower to receive funds between paydays. They do not require a credit check when they are short term and $500 or less. There is a fee for this type of financing that is taken out up front, so actual funds received from a personal loan guaranteed is the amount less the fee.

When larger amounts are needed, such as to buy a computer, or furniture, or to pay tuition or vacation expenses, a credit check will most certainly be done. In that case, in order to avoid having several companies check credit (and thus lowering personal credit rating), it would be wiser to use a broker who would make a one-time check and pass that information on to possible lenders. A bank statement and paycheck stub will be needed to prove earnings enough to qualify for this personal loan guaranteed. Typical fees for personal loans guaranteed are 15-30% of the amount borrowed.

When one has to begin borrowing on future paychecks or on the home, it may a good time to review financial priorities. It is important to keep money in its proper place: "For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." (1 Timothy 6:10). Remember that God promises each person who believes in Him treasures unimaginable in heaven. Don't store up treasures here, concentrate on the best that is yet to come.

Another source is the home equity line of credit. The larger personal loans guaranteed by the equity in the home are good for debt consolidation, home remodeling and the like. The interest rate is lower than the payday loans. This kind of financing equates to a second mortgage, and if selling a home before it's paid off, that personal loan guaranteed comes out of the sale proceeds first. When counting on the proceeds of a house to make a down payment on the next one, this could present a serious problem. The best way to handle this kind of personal loan guaranteed is to stay put until both the loan and mortgage are paid off.