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Secured Loan

Top Companies: This Week's Reviews

Wells Fargo
420 Montgomery Street San Francisco, CA 94104
877-937-9357
http://www.wellsfargo.com
Services Offered: Secured Loans to Homeowners
Company Overview: Wells Fargo was established in 1852. They grew to over 6,000 offices by 1910, but then during WWI, they were reduced back to one office located in San Francisco. In 1923, they began rebuilding and quickly became one of San Francisco’s premier lenders. By the 1980’s, they had expanded across the country, currently offering over 6,000 offices nationwide.
Our Review: A great place to get a secured loan. By using your home as collateral, you are able to borrow up to 110% of your home’s value based on your credit rating. Their information is helpful, and their forms are simple to fill out.
User Review: My credit isn’t perfect by any means. However, when I needed some money I came to Wells Fargo, and they gave me a loan for 50% of my home’s value, which was way more than I expected to be able to get. Considering my house is worth about $300,000, I’ve definitely got enough money to do what I need.
Wachovia
1525 West W.T. Harris Blvd. Charlotte, NC 28288-0376
800-922-4684
http://www.wachovia.com
Services Offered: Secured Personal Loan
Company Overview: Wachovia opened in 1879, followed by Wachovia Loan and Trust 14 years later. The two companies merged to become Wachovia Corporation. Then in 2001, Wachovia Corporation merged with First Union, and remained under the name Wachovia Corporation. They have over $400 billion in assets to date, and are the 4th largest bank in the U.S. based on their assets. They have over 100,000 employees nationwide.
Our Review: Wachovia is a huge player in the lending industry. With their secured personal loans, they allow consumers to borrow the money they need while utilizing their assets to back up the loan, making it less risky for Wachovia. They offer low rate financing through the use of consumers’ stocks, savings, and CD’s for collateral, as well as allowing consumers to use their purchases for collateral to obtain a lower interest rate than traditional unsecured loans. Good programs, great service.
User Review: I went to Wachovia for a personal loan. I needed money to pay off some debt, and wanted to get the lowest rate possible. I spoke with an employee, who told me about the negotiable collateral loan, and since I had about $500,000 in investments, I decided to go that route. It was a great transaction, and very simple, too.
Bank of America
100 N. Tryon St. Charlotte, NC 28255
800-422-3112
http://www.bankofamerica.com
Services Offered: Secured Personal Loan
Company Overview: Bank of America was founded in 1874 as the Massachusetts Bank. They eventually evolved and acquired other companies, combining them all under one name. By 1958, they were the first lender to offer consumers credit cards. They continued to acquire other companies throughout the years, which has made them the financial giant they are today.
Our Review: Bank of America is probably one of the most well known banks in the industry. Their history is solid, their financial status is good, and the plethora of financial services that they offer the consumers is amazing. We only have one question: are they too big to provide the personal service so many desire?
User Review: I needed some cash, but didn’t want to cut into any of my investments. I called Bank of America and they were able to get me a secured loan using my investments as collateral. I had the money I needed in about a week, and the service I get from them is awesome.
Capital One
2730 Liberty Ave Pittsburgh, PA 15222
800-926-1000
http://www.capitalone.com/
Services Offered: CD Secured Loan
Company Overview: Capital One was founded in 1995, and is a Fortune 500 company. They are a global financial services provider, and operate in the US, Canada, and the UK. They have almost 50 million customer accounts to date.
Our Review: They do offer a secured loan, but it is only applicable to customers who have or purchase a Capital One CD account, then use that account as collateral for the loan. So yes, they have great service and great information. However, unless you’re already a member, you might not be eligible.
User Review: I purchased CD accounts through Capital One about five years ago when I came into some money. Now I was running low and needed a loan, so I was ecstatic to find out that I could use those CD’s as collateral for a secured loan, so that I wouldn’t have to pay excessive interest or break into any of my CD’s before they matured. I got a great loan, and once I paid it off, I got my CD’s back, and they had been maturing the whole time they were held as collateral, which was awesome!
Other Top Companies for Secured Loan :  

InTrust Bank

Address : PO Box One Wichita, KS 67201

Phone : 800-895-2265

http://www.intrustbank.com

Secure Loans USA

Address : Online Only

Phone : Online Only

http://www.secureloansusa.com

Direct Lending Solutions

Address : Online Only

Phone : Online Only

http://www.directlendingsolutions.com

Credit Pro

Address : Online Only

Phone : Online Only

http://www.creditpro.org

How To Select The Best Company For Secured Loan

 

Finding a secured loan is a great alternative for those with less than perfect credit who want an interest rate that is comparable with traditional loans for better credit. A secured loan basically is a loan that is issued to you by a lender, but is backed by some form of collateral from you, the borrower. Lenders will often use homes, personal possessions, and investment and banking accounts as collateral for secured loans. By offering up this collateral, you are providing the lender with a less risk-intensive loan, therefore making your ability to get a loan easier. To find a company that offers secured loans, all you need to do is ask around, or do a search on the internet. Many traditional banks offer this type of loan, as well as other online companies that were developed to provide specialty lending services to consumers. You can apply with as many companies as you like, to see which company will offer you the best rate. Just keep in mind that every time you apply for a loan, your credit is accessed, which will make your credit score drop slightly. It is not a major effect, but too many inquiries can make you look desperate and scare off lenders. To obtain a secured loan, you will need to know which assets you want to use as collateral, and the overall value of those assets. If you are unsure about secured loans and what is considered collateral, you can ask the companies you are applying with or do research on the internet to find out. Many companies vary in the type of assets that they will consider collateral, so you need to ensure that when you apply with a company that they consider your particular assets a form of collateral. Getting a secured loan is a little more complicated than getting a traditional loan, but it is definitely worth the lower rates if you have less than perfect credit or need the money but can’t afford a huge payment.

 


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