Overview of secured loans

So Secured Loans Offer Cheaper Interest Rates ?

Again, due to the decreased risk of the loan company, people looking for secured loans will find that the interest rates they will have to pay will be much cheaper.

People taking out an unsecured loans will find that they have to pay interest at a higher rate.

What if I already have a mortgage or a loan secured on my property?

It is possible, even common, to have more than one mortgage or loan on your property, many lenders will grant a further mortgage or loan if there is sufficient free equity in the property to secure the loan.

Can I get a secured loan if I'm not a homeowner?

No, a secured loan can only be arranged using your property as collateral.

Do Secured Loans Take Longer To Process ?

Yes this is true. However, due to the much cheaper interest rates available for Secured Loans the extra time it takes to go through is worth the wait

How long does it take?

You can have your loan approved subject to references on-line and completed in 14 days.

If you borrow more than £25,000 you could even receive your cheque even sooner.

What purpose can I use the loan for?

You can use your loan for any reasonable purpose.

For example you may be thinking of taking advantage of our exceptional interest rates and clear all your loans and debts so you can reduce your monthly credit payments.

Perhaps you are thinking of carrying out some home improvements or buying a car.

Whatever you decide you will receive a cash loan to spend as you wish.
 

Can I still get a secured loan with a bad credit history?

Generally, in the case of a secured loan - Yes

The terms you are offered, however, will vary according to how big a risk you appear to be. If you have CCJ's, Defaults or Mortgage arrears, you can expect to pay a higher rate of interest.

The vast majority of lenders use one of two major credit checking companies.

These companies hold information on more or less the whole adult population of Britain.

So if you, or someone at your address has defaulted, got a county court judgement or otherwise had financial problems, then it's going to be on record.

This record is invariably searched every time you apply for a loan, H.P., store credit or any other form of borrowing so your history affects the terms you are offered or whether you can obtain a loan at all.

The High Street banks and Building Societies will generally not help anyone who has experienced problems in the past few years, however there are many well established and reputable financial services companies who will offer loans based on your present circumstances rather than your history. 

How much can I borrow?

You can usually borrow any amount from £3,000 to £50,000 and repay it over any period from 3 to 25 years.

Overview of secured loans