When an unexpected emergency occurs, a secured loan may be the best answer to receive needed funds. Having bad credit can make the loan process stressful, especially in times of strife, but with a personal secured loan, the process does not rely solely on credit history. With secured loans, available collateral is also considered when making lending decisions and loan offers. In some cases, a borrower who may have otherwise been denied lending may be able to qualify for a secured loan and qualified borrowers may be eligible to receive additional funding.
Traditional installment loans are a preferred borrowing method because they are dependable. A borrower receives the full loan amount from their lender, and the loan is paid back with interest in a series of fixed installments. Interests rates vary and depend on the financial history and debt-to-income ratio of the applicant. Loan size and repayment terms also vary and can range from a few months to over 30 years. Secured loans from Western Shamrock are repaid over 5 or more installments.
Western Shamrock examines more than just your credit history. Your debt-to-income ratio and other financial obligations are considered along with your credit history and availability of collateral to offer the best lending decision for your situation. To start your secured loan application, you’ll need your:
After applying, one of our representatives will collect personal information to run your credit history to better understand your financial standing. You can expect a loan offer by phone or in the branch, if approved. Our lending decisions are based on your overall financial standing, debt-to-income ratio, credit history and collateral, making secured loans a favorable option for larger loans or if you have bad credit.
