In this episode of
Money Creation Explained we are going to cover How to Use
Secure Loans as an Alternative to Credit Cards.
Most people already know how credit cards work and the high
interest rates that they charge so we can jump right into
the topic. Secure Loans is not a Secure Credit Card but does
have one similar feature. A Secure Credit Card’s main
benefit is that it allows people with no credit history or
poor credit history to build or rebuild their credit.
Instead of companies advancing credit to the user, these
people utilize their own funds to get credit. For example a
$1,000 put into a secure credit card will allow the user to
have a $1,000 credit limit. Then as it is paid back, the
user will again have credit to work with.
Secure Credit Cards do charge the same high interest rates
as regular credit cards. Secure Loans is a service offered
by IOU Notes that allows users to leverage their own funds
to obtain small loans for personal and business use as
needed and never pay more than 5% interest per year on those
funds and can select from 1 or 2 year repayment methods
(unlike secure credit cards with high interest rates that
start after 30 days). Using Secure Loans a user can have a
dependable emergency loan option, help build or rebuild
their credit, budget their money better, and stop paying
high interest fees from other loans. This service was
created because of the need for affordable small loans.
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