SECURED LOANS INFORMATION

Below you will find basic information and FAQs on secured loans in South Africa.

        

Secured Loans

What is a Secured Loan?

A secured loan is a loan that is 'secured' against a large asset, used as collateral, such as your home or car; if you own, or partially own, your home or car, you can take a loan against it. You can use one of these loans for any purchase but most people take them out for significant purchases such as property or vehicles.

Secured loans are widely available across South Africa with different variations available. Use our comparison area to view some of the leading secured loans on the market.

What are the Benefits?

The interest rates on secured loans are usually lower than other loans because there is less risk involved for the lender. This also means that you are more likely to qualify. As the loan is secured against an asset you will be able to borrow a larger amount of money over a longer period than most other types of loans.

Are there any Risks?

There is more risk with secured loans for the borrower than there are with unsecured loans. For the borrower the main risk is that if you fail to meet the terms of the loan agreement you do risk having your asset seized. If you want to borrow a smaller amount then you might want to consider an alternative type of loan.

It is essential that you remember - YOUR HOME COULD BE REPOSSESSED IF YOU DO NOT MAKE THE REPAYMENTS WITH A SECURED LOAN.

        


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