Secured Loans for Homeowners
A secured loan is a way of obtaining cash through a loan that is secured against the value of an asset.
Many people feel that this is the financial solution that they need as it means that they can benefit from the level of security that they provide to the secured loans money provider.
A secured loan is provided by the money lender who is able to give you the loan you need with a lower APR (Annual Percentage Rate) then a unsecured loan.
They can do this because they are taking a lower amount of risk by giving you your secured loan.
They know that should you find yourself unable to make your payments and having to default then they can recoup the outstanding money and arrears owed through the collateral that you used to put up against your secured loan.
This collateral will be any assets which exceed the amount of loan that you require plus the interest that is added. This asset can be the equity in your home or car or any other item of value.
If you have bad credit already from previous borrowings then a secured loan may mean that you are able to have a loan despite having a low or adverse credit rating. In fact there are money lenders who specialise in proving secured loans to those with adverse credit history.
Your secured loan can be used for many purposes and often people finds themselves needing large amounts of cash and prefer to make their repayments over a longer period of time, with secured loans you can do this.
If you need to consolidate your existing loans, purchase a new car, pay for wedding costs, refurbish your home or garden or maybe its to help pay towards your children’s or grandchildren university costs. There are many reasons why you might that extra boost that a secured loan can provide as we at money lenders have made it our number one aim to compare the best secured loans money lenders. Our service is completely free and you can rest assured that our judgements are based upon current money lending criterias well as your own circumstances and needs.
Should you wish to repay all of your secured loan sooner then agreed then a settlement figure can usually be arranged for you. Your secured loan will be an amount of usually up to £25 and in some cases a higher amount. You will be asked to make your repayments over a specified period of time which can typically be 5, 10, 15 ,20 or 25 years depending on the amount you have barrowed, the amount you are able to repay each month and your loan providers agreement.
A secured loan will mean a longer repayment period, lower APR amounts and a higher cash amount on your secured loan giving you the best deal. Your loan provider will be able to do this for you as they will be taking a lower risk in the knwoldge that you have assets to cover the cost of the loan should anything happen and you can no longer make your monthly repayments.
The are varied criteria depending on your loan provider but in most cases you will need to provide proof of your address and identity, have a bank account, be employed with a regular income which goes into your bank account and be over 18 years of age.
Don’t delay , use our free and confidential comparison to start your secured loan application process.