Overview of secured loans
Are there any upfront fees?
With secured loans
there are no up-front fees whatsoever.
What are the benefit of a secured loan over an unsecured
loan?
This depends on the terms of the loan, however in general,
many lenders will only grant a loan when security for the
loan is provided.
Secured loans generally offer more flexibility in
loan repayment terms, but most importantly the interest rate
on secured loans is generally much lower than unsecured
loans.
What if my loan is refused?
Sometimes a lender may not wish to give you a loan, this may
be for a number of reasons.
However the lender does not have
to tell you exactly why you the loan been refused!
You can
however ask for the name and address of any credit reference
agency used for assessing the loan.
Credit reference agencies
These are the two agencies used by most lenders when
assessing loan and mortgage applications.
Equifax plc,
Credit File Advice Centre, PO Box 3001, Glasgow G81 2DT
Experian limited, Consumer Help Service, PO Box 8000,
Nottingham, NG1 5GX
Overview
of secured loans and unsecured loans
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