Secured Personal Loans
Secured personal loans are a great choice for someone who needs a loan but has a bad, or no, credit history.
How Does a Secured Personal Loan Work?
Instead of loaning money based on an applicant’s credit worthiness, a secured loan requires a form of collateral in the form of real estate, vehicles, or other assets to protect the lending institution.
These loans can be used just like a conventional loan, including large purchases, unexpected expenses, even paying down high interest credit cards. You keep the collateral throughout the life of the loan unless you default. After the loan is paid in full, the lender will relinquish all rights to the asset.
The Benefits of a Secured Personal Loan with Bay Country
- Financing available of up to $50,000
- Same day approvals
- Convenient loan options
- No application fees
- Budget-friendly loan options
- Unlike a credit card, all Bay Country loans have fixed terms and rates between 12-60 months