There are loans of every type and category and then there are secured loans!
What are secured loans? A secured loan is one where the bank or the institution granting the credit/loan requires the borrower to furnish a collateral or any fixed asset of the value of the loan or that which iOS slightly higher.
The collateral could be anything:
Any other fixed asset, anything in short.
What purpose this security or collateral serves is that it provides the bank or the craft giving the institution the warranty for them paying the sum of money to you. It is a kind of guarantee or surety to them. they know that you cannot abscond with the money because your collateral is in their possession and in case you default or you swerve from the rules and regulations, they have the Ability to cash in on the security or such collateral and to recover the amount is due to them by you.
Here is a list of advantages of secured loans:
A huge amount of loan can be sanctioned:
Furnishing the collateral along with the request of the loan gives the banker a positive sign that his money is safe. He is more than ready to allow the customer to pick up a loan up to the amount to the property and in some cases exponentially higher.
Longer payment terms can be negotiated:
Because the collateral is already furnished, the banker is more relaxed and in allowing a longer period of repayment. This amounts to lesser equal monthly installments at a fixed monthly interest rate loan. It is a win for both eh banker and his customer.
Approval is easy-peasy:
With collateral, there is no doubt that getting a loan sanctioned is like saying ABC.
The internet has revolutionized the way we bank, avail sell online loans. and buy goods and services. From the comfort of our homes we can purchase anything from anywhere. All you have to do is to just key in your bank details, credit card or debit card number and voila you are done. While there is no denying that life has become a breeze, it is also alarmingly becoming unsafe online. According to recent reports online frauds have increased by over 30% in the last year. With the majority of users been naïve to the ways of the internet this number is going to be on the rise. Hence always protect yourself when you do any online transactions. But in case you have sadly become a victim of a scam here are a few tips to get your money back. There is no guarantee that you will get all your money back but at least you can try to retrieve what you can.
As soon as you realize that you have been scammed, alert your credit card company and your bank and request for a stop payment. Next file a complaint with the police and explain the situation; they might have encountered earlier scams similar in nature or they will have some advice on how to proceed. If you have been scammed using:
Credit card: It is believed that credit card has greater protection under section 75 of Consumer Credit Act. As a result, if you notify your credit card company within the stipulated time your chances of retrieving your money is high.
Bank Transfer: It is easier to get your money bank if there has been a bank transfer scam. You will have to make your complaint with your bank and not the receiver’s bank.
Using PayPal: PayPal has a protection for its buyers and hence you will be safe to a fair extent when using PayPal. Make a claim in the resolution center on the PayPal page and follow it up thereon.
Unauthorized transaction: When you find an unauthorized transaction in your bank statement, contact your bank and stake a claim. The payment services regulations 2009 is binding on banks to pay back such claims.
The trust deeds in Scotland are a major way to rebuild your financial life. This opportunity is available only for citizens of Scotland and has a tenure of four years. It is a way out of serious debt. Until 2013, the trust deeds were of a 3-year-old tenure. The legislation was later changed in multiple sections and the three years standard solution has become a minimum four year. There is an option which benefits the debtor. At last debt consolidation can provide some relief by helping them pay a single mortgage to a single lender or trust deed administrator instead of having to pay multiple creditors at a time.
Can I end my Trust deed before four years?
The new legislation is targeting to stop people from entering the trust deed and failing to repay their creditors in full.
If you have mortgaged your home in a Trust Deed, the equity figure will be the value of your property deducted by the amount due for paying the mortgage. The administrator of the trust deed has very little, if any, benefit in cases when the equity amount is small. The trust deed, although set to a minimum of four years can be ended prior to that, provided you have paid the creditors in full and the cost of the trust deed has been recovered. This way the equity debts are closed before time as there is no benefit to the creditors to keep the case open.
Some of the deeds can even exceed the four-year tenure depending on the repayment ability of the debtor. The goal is to complete the repayments including interest. Even if you are able to provide the outstanding repayment amount from the third party in your friends or family, you are allowed for early discharge from the deed.…