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If it’s a secured personal or business loan that you are looking for, SRG Finance can assist you in borrowing larger amounts of money that perhaps you might not normally have access to.

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A secured loan from SRG Finance is a loan that is secured by collateral such as an unencumbered car, motorcycle, caravan or jewellery by the borrower. Under the contract the borrower affirms that the amount borrowed will be paid in full by the due date and that repayments will be made when they fall due, otherwise the item pledged will be sold to recover funds lent to the borrower.

At SRG Finance we can secure a loan against an item you already own. Alternatively, we can arrange a hire purchase agreement for an item that you would like to purchase but do not have the immediate funds to do so.

Typically secured loans take a little longer to approve than an unsecured personal loan or cash advance. We allow up to 48 hours from receiving your completed application for approval.*

In many cases a secured loan will be the best option available to you. Secured loans are generally offered at a reduced rate of interest, and are often easier to get approval for. Furthermore, secured loans can be taken out for just about any kind of loan that you might be looking for; from a personal loan to finance a holiday, new equipment for your startup or small business, right through to a home loan.

What is a secured loan?

What is a secured loan?

A secured loan is a loan in which the person borrowing the money puts an asset up as security. Until the loan is repaid, the lender will have the legal right to take possession of that asset if the loan is defaulted on.

In most cases, you can take out a secured loan against the asset that you’re purchasing. So, for example, if you’re buying a car (the most common reason to take out a secured loan), the car itself will be the asset that the loan is secured against. This isn’t always the case, though. There’s no asset being purchased if you’re looking to take out a personal loan to finance a holiday, for example. In those cases you’ll need to provide an asset that can cover the cost of the loan.

Conditions of a secured loan

Conditions of a secured loan

It’s worth noting that secured loans are rarely, if ever, available for low value items, or small loan amounts. For a bank or lender to be willing to provide a secured loan, the asset being secured against needs to be worth enough to justify not only the cost of the loan, but also the costs of repossessing and selling an item, if necessary.

Another common condition before approving a secured loan is, in the case of cars or other equipment that depreciates in value, the vehicle itself should be less than a certain age, or worth more than a certain value (it will vary, depending on circumstance). This is particularly noteworthy when it comes to second hand car sales, and some institutions or lenders are far more lenient on the “age and value” rule than others.

One final condition that will apply to all secured loans is that the asset being secured against needs to be unencumbered. That means it can’t already be an asset being secured against for another loan. You wouldn’t be able to buy a car, using it as the asset for one secure loan, and then put the car up as the asset for a loan you’re looking to take for a holiday, for example. The first loan needs to be paid to completion first.

Because of these conditions and the additional work involved, it generally takes a little longer to approve a secured loan than an unsecured one or cash advance. Generally speaking, a secured loan with SRG Finance should be approved within 48 hours of receiving a completed application.*

What are the benefits of a secured loan?

What are the benefits of a secured loan?

The most significant benefit of a secured loan is that it is cheaper. Having access to the asset in the event of a default greatly reduces the risk profile for the loan from the point of view of the lender, and as a result the interest rates that will be applied to the loan can be less.

Another benefit of reducing the risk profile in this way is that you’ll be able to apply for more credit. Unsecured loans, particularly when they are for large amounts, can be more difficult to get approval for, regardless of your income. However, a secured loan for a large amount will have a larger asset secured against it, so the lender will be less concerned by the size of the loan (within reason, of course).

What should you look for with a secured loan?

What should you look for with a secured loan?

Finding a good, reliable, and efficient provider like SRG Finance is the first step. If it’s a secured personal or business loan that you are looking for, SRG Finance is here to assist, and we can leverage the benefits of secured loans, as well as the significant interest that lenders have in providing this kind of financing, to assist you in borrowing larger amounts of money that you might not have otherwise been able to access.

Hire purchase agreements

Hire purchase agreements with SRG Finance

At SRG Finance we can secure a loan against an item you already own. Alternatively, we can arrange a hire purchase agreement for an item that you would like to purchase but do not have the immediate funds to do so.

A hire purchase agreement is another type of borrowing that involved ‘hiring’ the goods and then paying in installments. For example, if you want to purchase a car but don’t have the funds readily available to do so, a hire purchase agreement would see the lender buy the car and handover possession in return for regular payments. It differs from other types of borrowing because you don’t completely own the goods until you have repaid in full.

Contact SRG Finance today

Contact SRG Finance today

Our customers use our secured loan options for everything from buying a new coffee machine for their café, new computer equipment for the office, a new flat screen television for the home, a car, a holiday and more. Contact us today for more information on our secured loan products, because just about everyone has a large purchase they would like to make, and a SRG Finance secured loan might be just what you’ve been looking for.

*Approval is dependent on SRG Finance receiving all necessary information and this may occasionally take longer than 48 hours

SRG have helped me when no - one else would. I would recommend them to anyone who needs a helping hand. Thanks again for your help with providing me with loans when no - one else wouldShort Term Loans Australia Close Quote

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