A fast secured loan is generally going to cost you more than a secured loan that takes longer. While it will cost you less than an unsecured loan, the fact that you require it quickly generally puts up a red flag in the mind of the lender and that will cost you more.
A lender who thinks, why is this person not prepared to pay for this short term crisis on her or his own? is a lender who thinks the consumer is ill prepared to repay the fast secured loan as well. The higher the lender risk, the higher the rate.
One of the riskiest of the fast secured loan family is the title loan. Just as with payday loan, a car title loan is secured and fast and is marketed as a loan for emergencies. The reality is much grimmer, however, in that it is often the trap that puts the poor into an even worse cycle of debt.
A typical fast secured title loan charges well over 100 percent in annual interest, has to be paid within 30 days and is for considerably less than the cars value.
The worst case scenario for this type of fast secured loan – and happens far too often – is that the borrower loses her or his only transportation, and the means to get to and...
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