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Understanding What is a Secured Loan
from:Introduction
In the contemporary world of rising demands and needs, all classes of people at one point or other feel the need for finance. Whether it is some enhancement to be done to your home, a new home has to be built or your business simply requires some additional investment; the purposes for which loans are applied today are almost endless.
To meet such a massive rise in demand, there are now a vast number of banks, credit unions and other financial institutions which deal with the provision of loans of various types, suited to different categories of consumers.
Concept and Facilities
Talking about loans and other forms of financial assistance, one of the most often heard concepts is that of a secured loan. Though popular, but quite a few consumers are often not too clear on what is a secured loan.
To begin with, the first underlying principle of a secured loan is the provision of an asset offered as collateral or a security against the amount of loan. In most of the cases such collateral includes assets like an automobile or property. Such a loan then becomes secure debt, owed to the creditor or the lender who has given the loan.
In a situation where the borrower fails to meet the conditions of the loan and pay the amount back to the creditor within the specified time limit, the creditor then has a right to sell the pledged collateral to reclaim the amount of money involved. In other words, from the creditor's perspective, what is a secured loan? It is actually a portion of the bundle of rights to the specified property being granted.
The lenders who are well versed with what is a secured loan always prefer this category of loans due to the immense amount of security attached to it. The lender feels secure in the knowledge that in case the borrower fails to repay the amount, the creditor already has an asset in his possession to be made use of. For the borrower who often has to analyze what is a secured loan, it is a much better option as the rate of interest available is much lower than the other loan categories due to the security being involved.
In case you need to have a further insight into what is a secured loan, you can simply resort to taking a lot of inputs from the internet. There are an umpteen number of websites that are available to give you an in depth knowledge of what is a secured loan.
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Unifi, Inc. Completes Redemption of its Senior Secured Notes; Enters into ... Sacramento Bee ... the previously announced redemption in full of the remaining principal amount of $123722000 of its outstanding 11.5% Senior Secured Notes due 2014 (the "Notes"). As a result of the redemptions and new facility and term loans described below, ... Tekni-Plex Closes $485M Senior Secured Notes Offering |
TEXT-S&P rates Constellium Holdco 'B' - Reuters
TEXT-S&P rates Constellium Holdco 'B' Reuters In addition, we assigned our 'B' issue rating to the company's proposed $200 million secured term loan. The recovery rating is '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. Rationale The 'B' rating ... |
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Passbook Savings Loans are Secured by Savings, CD Balances Fox Business Credit unions and banks of all sizes offer their customers "passbook savings loans" -- named after the savings account booklets used to log withdrawals and deposits. Some banks refer to the loans as secured personal loans, savings secured loans, ... Rebuilding Credit: The Good and The Bad of Secured Credit Cards |
TEXT-S&P rates EquiPower Resources Holdings prelim 'BB' - Reuters
TEXT-S&P rates EquiPower Resources Holdings prelim 'BB' Reuters May 24 - Overview -- Power project EquiPower Resources Holdings LLC is refinancing its senior secured bank loan due 2018 and revolver due 2016 with new first- and second-lien term loan facilities. EquiPower is adding the 578 megawatt (MW) natural ... |
Yalian Steel Secures RMB 30 Million Trade Finance From Industry and Commercial ... - MarketWatch (press release)
Yalian Steel Secures RMB 30 Million Trade Finance From Industry and Commercial ... MarketWatch (press release) The loan matures on August 19, 2012 and carries an annual interest rate of 6.71%, which was fixed at 110% of the prevailing benchmark rate in China. The loan is secured by Yangzhou Yalian's accounts receivables for which collection proceeds are insured ... |