Secured Loans Online

If you are looking to apply for loans, you are looking at two (2) options: secured and unsecured loans. Most personal loans nowadays are unsecured, especially if you’re looking at terms that are less than 3 years. However, there are also secured loans you can apply for.

What is a Secured Loan?

A secured loan is a type of loan that will let you borrow money with a collateral or a security on the line. The amount that you will be given will be against the value of what the security is – it can be a car, a house, and sometimes, it can also be savings.

So in simpler terms, when you apply for a secured loan, you’ll need to put some type of security on the line so you can be granted a loan that is more than what you expect or a lower interest rate. Should you fail to meet the terms, then the lender can obtain and seize whatever you’ve put; plus, your credit score will see a decline.

There are many ways for people to apply for secured loans. They can choose to visit the institution, they can phone for an arrangement – and of course, people can apply for secured loans online, too.

Where Can You Get Secured Loans?

Various institutions can grant people personal secured loans – from banks, credit unions, and even online lenders. The best choice on what you’ll go for will depend on the following factors:

• The amount you’re looking to get
• How much you’re willing to pay for interest
• Term period or repayment period
• Type of asset you’ll put as collateral

Banks for Secured Loans

Applying for a secured loan through a bank might be convenient – it is, in fact, the most traditional way of securing a loan. They have fair interest rates, especially for secured loans. However, the downside of this is that you might be able to get the funds on a much later date.

The fund dispersion that banks have can be somewhere between 2 to 3 months. If you’re not in such a hurry, then banks would be the best option.

Credit Unions for Secured Loans

Similar to banks, credit unions have fair interest rates and the time of the fund dispersion is quite long. In addition to that, the term periods that credit unions have are shorter than what most people would expect.

Funding Companies and Lenders for Secured Loans

Last but most definitely not the least, applying for secured loans through funding and lending companies are totally different than what you get with banks. They can release funds in less than a month and you can expect a larger amount on the loan that you’re applying for.

The downside, however, is with the interest rates. Lenders and funding companies usually have higher interest rates than banks and credit unions.

If you think that you deserve more options in getting and in applying for secured loans, don’t worry – we here at SoFlo Funding can help you. We are a company that’s a perfect combination for what you’re looking for – longer and more considerate term periods, fair interest rates, and fast fund dispersion!

SoFlo Funding’s Application Process

One of the things that our clients love about working with us is the fact that they can complete a loan application without having to go someplace else. Unlike banks and credit unions, you’ll most likely be required to visit any of their branches or their offices for you to apply.

With us, you can apply for both unsecured and secured loans online! It’s hassle-free and you wouldn’t be required to exert more effort – you can do it in the comfort of your own home!