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A short term secured loan lets you use the equity you have in your home as security against the cost of the loan, but where you’ll pay off the loan within a couple of years.
While regular personal loans generally offer loan terms of 1 to 5 years, secured loans can have terms up to 20 or 30 years. A short-term secured loan is therefore any loan that requires you to use security, but which has a loan term of 1 to 5 years, in line with an unsecured personal loan.
Before you’re approved for a secured loan, the lender will need to perform a credit check to determine the likelihood that you will repay your loan. If you’re looking for a short loan with no credit check, you may want to consider a short term payday loan.
However, it’s worth keeping in mind that payday loans are the most expensive type of loan, and can often cause financial stress if you’re unable to pay the loan off on time. You’ll also be limited in your choice of lenders and how much you can borrow with a payday loan.
Yes, you can still get a secured short term loan with bad credit, though you’ll likely receive a less favourable rate and loan terms compared to someone with a good credit score.
You may also want to consider an unsecured personal loan if you’re looking for a loan with shorter terms. You’ll likely receive a slightly higher rate than you would on a secured loan, but do not need to risk an asset as security against the loan.
If you find yourself unable to work, a loan protection insurance policy will pay out monthly benefits straight to your bank account.
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