Why loans like auto title loans are more frequent than unsecured loans?

Secured loans: This is taken when you are geared up to guarantee a property or an asset such as your beloved house or fancy and precious car, to obtain assurance of the repayment of the loan. One of the most common example being the Auto Title Loan.

Unsecured loans: This, on the other hand is a concept which is based on the only the debtors promise to repay the loan, however the tenure is kept short to ensure full payment of the loan by the debtor. For example: credit card.

Debt consolidations via Secured loans

Considering secured loan as an option, there are multiple options like refunding your house, take out a subsequent mortgage or you can opt for house equity line of acclaim. You can consider a car loan, where you keep your car or vehicle as security.

Pros: Often there is a deduction that secured loans are with lower interest rates.
Cons: Since you put your assets on stake, you may lose it if you fail to reimburse your loans.

It is very difficult to manage different installments against different loans. So, the first and most important thing is to get consolidation loan that will pay all other debts. This loan must be at an affordable rate and also long term. It will indirectly make your installments amount affordable by you and also you will have to manage single installment every month.

Counselors are even trying to convince your creditors and financial organization regarding your debts and try to make it affordable for you. If it is possible, you are on the safe side as you can pay installments easily and also not require to pay high interest rates.