Secured Loans

 

What is a Secured Loan?

If you are a homeowner in the UK you may be eligible to take out a homeowner loan. Secured loans are loans that are secured against your property, which is why they are only available to homeowners. With secured homeowner loans you can enjoy increased borrowing power depending on the level of equity in your home, as well as longer repayment periods, which can help to keep your repayments to a minimum.

 

Secured loans can be used for many different reasons:

 

To consolidate debts, store cards, credit cards or other loans
To gain control by putting all borrowing into an affordable monthly payment
To pay for a major purchase or home improvement
To Purchase a car/holiday/caravan

 

Secured loans can often be easier to obtain than an unsecured loan because the secured loan lender has the added benefit of security through your property which provides protection in the event of a customer's inability to repay the secured loans amount. This also means that individuals who are self employed, have a new job or who bad credit may still be able to take out a secured loan. They are also useful for bigger amounts of money or where the customer requires a longer repayment period in which to repay the loan.

Most secured home improvement loans will require you to use your home as collateral against the loan. The amount you can borrow and the interest rate you qualify for are entirely dependent on your personal financial condition. Home improvement loans that are secured with your property are the easiest and quickest loan to apply and qualify for, as security is built into the loan. The lender is risking less and is therefore, more likely to approve the loan and give you a low interest rate.

 

Once you receive the money, it is yours to do with it what you want, as long as it is related to improvements to your property.

Poor or bad credit accepted!

Even if you have severe credit problems, CCJ's or consider yourself to be "black listed" we may still help you obtain a secured loan.

 

Self employed

 

You need not worry if you are self employed as we can often offer secured loans to those whom work for themselves

What are the dangers of a secured loan?

The main danger of a secured loan is not making your repayments and losing an asset such as your property or car. If you do not hold up your part of the agreement and fail to make payments to the lender then they can sell the item used as security. There are many precautions that will help you avoid this and if you make your repayments you have nothing to worry about.

 

How much can I borrow?

 

This will depend on how much you can afford in repayments and how much equity you have in your property. It could be anywhere from £3000 - £100,000. Our lending specialists can give you a better idea of the kind of loan you can expect to take out.

 

What can I use the loan for?

 

Almost anything. Some lenders may restrict what you can use the money for or might insist that some of your existing credit is paid off so you can afford payments.

 

One of the most common uses for a secured loan is to consolidate existing debt, especially that which has compiled from credit cards.

 

How long do I have to repay the loan?

 

Typically loan terms range from 3 to 25 years.