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Secured Loans for Bad Credit Secured Loans for Debt Consolidation  
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Bad credit history secured loans are available for individuals or couples wishing to secure funds for multiple reasons and at the same time allowing them to reestablish their credit by paying off their bills with payments received on time to lending institutions. This process reestablishes credit and proves credit worthiness by making good on the loan. Secured loans for bad credit history are helpful in many ways, such as taking advantage of lower interest rates, consolidating accrued debts and possibly gaining funding through different types of possible consolidation loans.

Almost always the interest on a bad credit secured loan will be higher than the interest on a loan of a person without a blemished credit rating. Credit ratings are indications to banks and other lending institutions that the potential client is a risk for repayment due to previous late payments and or missed payments. What establishes good credit ratings are a proven record of on time payments and paid off debt. Loans and credit card payments are the criteria that affect an individual's credit rating.

There are lending companies and banks that lend specifically to individuals with bad credit. These businesses and banks can help to obtain a secured loan for persons with bad credit. Persons with property to be used as collateral have a better chance at securing a loan than those without their own source of valuable collateral. Doing extensive research or consulting with a professional is the best and most thorough way to find the best secured loan.

Some secured loans that may be used for bad credit are home equity loans, second mortgage loans and a straight debt consolidation loan. The home equity and second mortgage loans use the applicant's house as collateral for the loan. These types of loans provide cash up front, with second mortgages the funds are provided in one lump sum and with a home equity loan funds are provided in the form of a line of credit to be used with specific stipulations. Debt consolidations loans are loans that pay off the applicant's debt with one monthly payment. There is no advanced sum to be got, only guaranteed payment of debts monthly with one payment.

It is best for any person or couple considering applying for a secured loan with bad credit to research each option and to talk to a professional before entering into a secured loan contract.

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