Who Can Take Out a Secured Loan?

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To be eligible for a secured loan, you must own your own home. This is because a secured loan, as the name would suggest, is secured against the value of your property.
Your credit status is less important with this type of loan, as it poses less of a risk to the lender because of the security in the value of your home.
You will still need to qualify on other grounds as well – for example, your financial and employment status.