Several misconceptions surround secured personal loans, which can deter potential debtors. One common myth is that only people with poor credit score seek out secured loans, which is not true. Many financially savvy individuals leverage these loans to benefit from decrease interest rates whereas maintaining cash circulate. Another misunderstanding is that securing a mortgage is an advanced process. In reality, the net software course of is often user-friendly and stress-free. Lastly, some debtors imagine that they have to use their main residence as collateral