What is a secured line of credit?

Having the ability to leverage cash flow is crucial in today’s economy. With job closures, layoffs and all of life’s unforeseen circumstances, a secured line of credit can make the world of difference. Big banks and regulators restricting the amount that can be borrowed and limiting who qualifies for secured lines of credit means they have almost gone extinct.

What are the benefits of a secured line of credit?

A secured line of credit is an excellent option for cash strapped homeowners because they can be used to consolidate higher interest debt.  Secured lines of credit are invaluable because you are only obligated to pay the interest as a minimum payment but can pay as much of the principal off as you want.  Another added benefit is that you only pay on the amount you have used on the card and you can reuse the amount you have paid down at any time.

Can I get a secured line of credit with bad credit?

Fortunately, there are a number of lenders who have identified secured lines of credit as a necessity and they are trying to make them readily available for those clients who qualify for them based on common sense lending. Knowing what lenders to approach and how to submit an application for an optimal approval is imperative and having an experienced broker on your side can mean the difference between an approval and being turned away.

Turnedaway.ca has been helping clients arrange secured lines of credit for over 30 years. Our exceptional, long-term relationships with the mortgage lending world translate into approvals with the best rates and flexible terms. If you are looking for a secured line of credit to clear up high interest credit card debt, renovate your home or for peace of mind we can help.

If your application for a secured line of credit has been turned away by your bank contact us today. We will provide you with a no obligation quote.