You don’t always need good or excellent credit to qualify. Secured loans are often given to those with bad or no credit—even when they can’t get financing anywhere else.nSecured loans usually have lower interest rates, meaning you’ll pay less over the life of the loan. These are preferred over high-interest rate credit card advances or expensive personal loans, which can cost you more in interest than you’ll ever get in principle.nYou may have access to larger loan limits with secured personal loans because of the assurance that you'll make repayments on time. They are a good choice for someone who needs fast cash in amounts greater than a few hundred dollars.nThe length of the loan can be longer. If you want smaller monthly payments and more time to pay, a secured loan may be your better option. Many people need access to cash but don’t have much wiggle room in their budgets. A secured loan could be something you can afford to add to your monthly expenses quite easily.nApproval can be immediate. Unlike unsecured loans, which can take days or even weeks to process, many secured loans can be approved the same day. The use of collateral alone can be used in deciding if you qualify and may not require extensive credit checks, employer reports, or piles of documentation.