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Secured Personal Loan A First Step To Better Credit

Secured personal loans are one of the easiest ways to jump start your credit. By providing collateral of a cash deposit, financial companies will lend you an equal amount or more. With your secured deposit, you also qualify for rates lower than what you would normally be able to secure, saving you money on high interest rates. After you have made several regular payments, you will see your credit score rise, making you eligible for low rate credit.

The Basics Of Secured Personal Loans

Secured personal loans act like a credit card account. Your lender issues you a card with a PIN number. And you can use it anywhere they accept credit cards. 

The difference is that prior to having an available balance, you must deposit money with the lender. The cash is yours it just sits in an account with the financial company for as long as you keep the account open. 

Secured personal loans are attractive to those with no or bad credit, because rates are lower. With the security of cash collateral, lenders are willing to take a chance on you. 

A Better Deal On Credit

With your collateral, you will automatically have an easier time 
qualifying for credit. But for low rates, take some time to shop lenders. They will post their rates online in most cases. 

Be on the watch for application or extra fees. You don't need to pay them to find a low rate personal loan. Also, be sure you understand when and how often rates can change. 

Good Credit Practices Equals Lower Rates

You have to use your credit to improve it. So once you get your card, go buy something. Then when the payment is due, pay all or part of it. Do this for several months to establish your payment pattern. It will also take the credit reporting agencies a couple of months to process your account and payments. 

After six months, consider opening another account. Keep making regular, on time payments. And don't max out any of your accounts. With this strategy, you will have good credit standing in about two years. You can further help your score by building up your cash savings. 

Secured personal loans can be a helpful tool for those who know how to use it. 

Recommended Personal Loan Companies:

Our Recommended Personal Loan Companies:
(updated )

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