Find me someone who doesn't want to make more money. Almost no one can find it! Everyone wants to make money, which is fine because money is what keeps the world going. But many people don't know that a loan can be used to make money! Did you already know? That's right! Getting a secured loan is one way to get more money.
Wait a minute, you're saying. How does getting a loan make me more money? Doesn't getting a loan by definition mean that I have less money?
It may seem that way, but a secured loan is actually a great way to make money. This is how:
A secured loan is a loan for which the borrower puts up some kind of asset as collateral. So when you apply for a loan, you also have to show that you have something that will cover the amount you don't pay back if you can't. Some people's answer is their car. For others, it might be their jewellery or some stock certificates.
No matter what it is, lending institutions like secured loans because they make lending money less risky. Unsecured loans are risky for them because they can't do much to get their money back if someone doesn't pay back the loan. On the other hand, secured loans come with some kind of guarantee, so the lending agency doesn't have to worry about losing money. And because they don't have much to lose, they are willing to give you some of those savings in the form of lower interest rates and more time to pay back the loan.
So here's how to make money from it. First, gather together all of your credit card bills. Add up how much you own. People who owe thousands of dollars are shocked when they find out that the interest rate is incredibly high. Second, find something you can use as collateral to get a secured loan. Third, look around for loan companies.
Gather all of these debts and put them under one secured loan. That way, you'll pay less interest on each debt because the interest rates on secured loans are lower than those on credit cards. And you'll have to pay back more than the short amount of time that credit cards give you. Even better, you'll know exactly how much you have to pay each month instead of getting a surprise bill from a credit card company every few days.
Credit card interest is often half as much as the purchase price, so if you consolidate your loan into a UK secured credit card consolidation loan, you'll save money that you would have spent on interest.
