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I have been reading quite a few stories of people getting in trouble with companies offering secured loans. Whether this is just a tip of the iceberg, remains to be seen.
To start with, I would like to know why people apply for a secured loan, rather than an unsecured one? What makes little sense to me is that in many cases, secured loans charge higher interest than unsecured ones. Are secured loans more easily available than unsecured ones? Did you apply as a result of cold calling and did you understand that the term secured puts your home seriously in risk if you fail to keep up the repayments?
To start with, I would like to know why people apply for a secured loan, rather than an unsecured one? What makes little sense to me is that in many cases, secured loans charge higher interest than unsecured ones. Are secured loans more easily available than unsecured ones? Did you apply as a result of cold calling and did you understand that the term secured puts your home seriously in risk if you fail to keep up the repayments?
