Secured Loans
The loan amount, the term available and the Annual Percentage Rate (APR) will depend upon:-
- The value of the property.
- The equity in the property.
- Ones current income.
- Ones personal circumstances.
- Ones credit rating.
Secured Loan Benefits:
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The loan lender has the benefit of security, and a secured loan can be offered to people who may be excluded from other loans, such as people in probation periods of employment, the self employed etc.,
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Secured loans allow one to borrow more capital and repay over a longer period than an unsecured personal loan. (up to 25 years).
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Help those with poor credit history's secure a loan.
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Can be used for almost any purpose.
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Useful for securing large sums of money.
Negatives of a Secured Loan:
- If you default on the loan you risk losing your home.
- Long term loan repayments.
- Interest can accrue.
Finding the best secured loan deal
Finding the best secured loan deal for your circumstances can be complicated as there are many factors for the lender to take into account.
Some high street lenders will only work through affiliated loan brokers, these loan brokers have access to a wide range of lenders and will use their expertise to match a secured loan to your needs.
Secured loans are very useful when other money lenders have refused to lend, due to CCJ's (County Court Judgments), Arrears, Defaults and bad debts as well as those in self-employed status.
A bad credit secured loan is a suitable way of raising a large amount of capital, for those who have had problems getting an unsecured loan due to a poor credit history, or other personal circumstances.