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ans are those loans that use some object of value, which is referred to as collateral, as a guarantee of repayment and a method of offering lower interest rates. Since secured loans mits an assurance against the loan claim there is a huge market of loan lenders who are providing for secured loans. Personal loans are classified as secured and unsecured loan on the basis of security attached to the loan. 4 Borrowers with bad credit history have to shell a greater amount because of the higher interest rates they are offered. Though these processes are time consuming, they are not superfluous. This explains the reason why fast loans carry a higher rate of interest. By diverting from the normal loan processes, the loan providers are creating a degree of risk involved. Be able to use a secure online application and let a qualified loan specialist help you find the best loan program. 3. Get Prequalified Find out how much money you can borrow for your next home purchase! 4. Get PreApproved Get free, no obligation preapproved mitment letter that you qualify. 5. Loan Processing And Approval This is when your loan is processed, goes through underwriting and final approval.