Putting Your Money Where Your Small Business Mouth Is With Secured Lending
Secured lending is nearly risk free lending and much the preferred sort of loan for the financial institution or mortgage company. For most private individuals, the biggest loan they will take out is their home mortgage and for that secured lending they use their home as collateral.
Collateral is defined as the asset or asset that you pledge to obtain credit, such as a personal or small business loan. Not only your house, but your car, your business equipment, a vacation home, a boat or other property can be used as collateral when you need secured lending.
The primary advantage of these secured loans, as opposed to unsecured loans (also called first charge loans in the UK, or signature loans) are that the interest rates for them are lower.
For those who are interested in starting a small business, however, secured lending might be difficult or impossible. Most small business people, especially the growing number of entrepreneurs and netpreneurs who are starting a business out of their home, they simply dont have the collateral to get that secured lending...
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