What We Need From You*
- Valid Kenyan ID or passport.
- Latest Original Pay slips.
- Proof of source of income for self-employed individuals.
- Active KCB account holder for a minimum of 6 months.
In this manner, are secured loans easy to get?
Are secured loans easier to get? Generally speaking, yes. Because you’re usually putting your home as a guarantee for payments, the lender will see you as less of a risk, and they’ll rely less on your credit history and credit score to make the judgement.
Then, can I use my car for a secured loan?
In short, it is possible to use your car as collateral for a loan. … By putting up collateral, you assume more risk for the loan, so lenders may also offer lower rates in exchange. However, to use an item you own as collateral on a secured loan, you must have equity in it.
Do banks Do secured loans?
Secured loans are typically available through traditional banks and credit unions, as well as online lenders, auto dealerships and mortgage lenders. Follow these five steps to get a secured loan: Check your credit score.
Do secured loans require collateral?
A secured loan can have a lower interest rate, but you’ll need collateral, like a savings account, to back the loan. An unsecured personal loan doesn’t require an asset, but you’ll likely pay a higher rate.
Does Safaricom offer loans?
What is Business loan? Safaricom has partnered with a Financial Service Provider to offer a credit facility between Kshs 5,000 to 150,000 for their Lipa Na M-PESA Buy Goods Partners.
How quickly can you get a secured loan?
A secured loan can take around two to four weeks to complete and it is often funded within a matter of hours or days once approved.
Is a secured loan a bad idea?
Defaulting on a secured loan carries the same credit consequences as defaulting on an unsecured loan: It can negatively affect your credit history and credit score for up to seven years. However, with a secured loan, the bad news doesn’t end there. You may also lose your home or car.
Is secured loan a good idea?
Secured personal loans may be preferable if your credit isn’t good enough to qualify for another type of personal loan. In fact, some lenders don’t have minimum credit score requirements to qualify for this type of loan. On the other hand, secured personal loans are riskier for you, because you could lose your asset.
What are the benefits of a secured loan?
Some advantages of secured loans include:
- You may be able to request larger amounts of money because of the reduced risk to the lender.
- Some lenders offer longer repayment terms and lower interest rates than those offered for unsecured loans.
- It may be easier to get a secured loan because of the collateral.
What are the requirements for a secured loan?
A secured loan is one that requires collateral such as property, assets, or cash. A few common types of secured loans include mortgages, home equity loans, and auto loans. If you don’t pay back your secured loan, the lender could seize the collateral you put up to get the funding.
What is a bank secured loan?
A secured loan is a loan backed by collateral—financial assets you own, like a home or a car—that can be used as payment to the lender if you don’t pay back the loan. … Lenders accept collateral against a secured loan to incentivize borrowers to repay the loan on time.
Where do I apply for a secured loan?
Secured personal loans can be obtained from banks, credit unions and online lenders. To apply for a secured personal loan, shop around and compare interest charges, collateral requirements and repayment terms. If you’re looking into a car title loan or a pawn shop loan, consider other options first.
Which loans are secured loans?
Types of Secured Loans
- Vehicle loans.
- Mortgage loans.
- Share-secured or savings-secured Loans.
- Secured credit cards.
- Secured lines of credit.
- Car title loans.
- Pawnshop loans.
- Life insurance loans.