A secured loan is a loan that allows you to borrow money based on collateral. Usually the collateral for a secured loan is a home that the lender has purchased and partially paid for. In this case, the equity in the home would allow the lender satisfaction of repayment.
When applying for a secured loan, you will find that the secured loan process goes a lot faster if you are prepared with all of your needed information ahead of time. Here are a few things that will most likely be asked on your secured loan application
For your secured loan, you will need the names and addresses of your employers within the last few years. The secured loan application will most likely also ask for the name of your position at that job and the amount of time you have been employed there.
All loan applications, including secured loan applications, will require you to report your salary, along with having verifiable proof for later, such as tax returns and one or two recent pay check stubs. When applying for a secured loan, plan on having tax returns from the past two years available for verification.
In order to complete the request for your secured loan, you will also...
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