A secured loan is any loan that is secured on your home or property. Secured loans are more easily accessible to those with a poor credit record. This means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit (ccjs, arrears, defaults, etc.) can take out a secured loan.
If you're a homeowner, you may get a lower rate through a secured loan using your property as security. If you borrow money using a mortgage as security you are agreeing that the lender can claim the mortgaged property if you fail to keep to the agreement. The risk to the lender is reduced so the interest rate offered is lower. This is why secured loans tend to be cheaper than unsecured loans and other forms of borrowing. The lender has the added benefit of security, which provides protection in the event of your inability to repay.
You can borrow larger amounts and repay over a longer period. The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending more. If you wish to borrow a larger amount or if you require a longer period in which to repay the loan, secured loans may be the most suitable for you.
You can consolidate more expensive borrowings into a single much cheaper monthly payment. You may choose to take out a secured loan in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, unsecured loans and credit cards.
Before you take out a secured loan, make sure that you can afford the monthly repayments. Also, read the loan agreement carefully and pay particular attention to the rate of interest required, the term of the loan, the repayments required and the total amount payable. If you fail to repay the loan, the lender may repossess your property or home and sell it to repay the loan. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
© Copyright 2005, Bwalya Mwaba writes for the Secured Personal Loans website . To apply for a secured personal loan online, just fill out a simple form at: http://www.secured-personal-loan.org.uk/
T his article may be reprinted as long as all the above links are active and clickable and the author box (by-line) is not edited.
In order to understand qualifications for loan approval, let's examine... Read More
A payday advance is a loan obtained to cover unexpected... Read More
Military members the price for serving your country and defending... Read More
If you're not familiar with the term, a secured loan... Read More
The long awaited paycheque is finally here. However, the reverie... Read More
Locating the cheap personal loans that you're looking for isn't... Read More
If you don't know where to turn for bad credit... Read More
Payday loans offer a fast and easy solution to financial... Read More
The most important and difficult part in farm mortgage shopping... Read More
Comparing payday loan lenders, also called cash advance lenders, online... Read More
Did you know that if you have a home that... Read More
If you're looking for a UK secured homeowner loan, you... Read More
When looking for loans online, you might find yourself wondering... Read More
Watching more and more people fall in the trap laid... Read More
If you have bad credit and you are trying to... Read More
You were on your regular walk with your wife, and... Read More
Listed below are some of the many reasons why choosing... Read More
You might find yourself wondering about the origins of online... Read More
If you're just beginning to look at online loans, you... Read More
Payday loan qualifications are different from other types of short-term... Read More
You can get a payday advance with cheap rates and... Read More
Are you wondering what is credit insurance? Very simply, credit... Read More
A Brief Look At Loans "Innovative financial packaging" is how... Read More
The usual modus operandi in most automobile purchases is as... Read More
In the full moon night, on a lovely morning you... Read More
It's possible to receive up to 500 dollars cash overnight... Read More
Refinancing your car loan online is now more convenient. Your... Read More
Payday loans have many names -- cash advances, signature loans... Read More
Like most people, you will probably wait until submitting a... Read More
Home improvement loans are loans specifically designed by loans companies... Read More
There is a huge market for homeowners who have credit... Read More
Looking for low interest debt consolidation loans can sometimes seem... Read More
A secured loan is any loan that is secured on... Read More
Title loans have the same features as a secured loan,... Read More
Why do kids get all the breaks? Winter-weary adults, fed... Read More
There is more than one type of loan. Depending upon... Read More
You wouldn't consider buying a new pair of shoes, a... Read More
Factoring has been practiced for centuries. The Romans sold promissory... Read More
Short term payday loans are now available online. After filling... Read More
Have you noticed that everyone seems to have a newer... Read More
Online car loan shopping practically guarantees that you are getting... Read More
If you spend more than you earn on a regular... Read More
There are many benefits in choosing a business loan, some... Read More
Regardless of your trading style; day trading, swing trading, or... Read More
The internet is a great place to find the right... Read More
You might find yourself wondering about the origins of online... Read More
Looking for a cheap personal loan can sometimes be a... Read More
The day you stop learning is the day when you... Read More
A no income verification home equity loan is a second... Read More
If you've been tossing around an idea for a small... Read More
If you've ever tried finding a loan for people with... Read More
Applying for a payday loan online is a quick and... Read More
You just finished high school and realize you have two... Read More
When you set out to borrow, you often come across... Read More
One of the most enduring myths of loan industry is... Read More
Your car loan is now less than an hour away... Read More
If your home business is starting to overflow from the... Read More
Like most of the contingencies (the after effects of unemployment... Read More
Here are some useful secured loans tips. Secured loans enable... Read More
Your son or daughter is a high school senior and... Read More
If the statistics for the quarter ended April 2005 are... Read More
Every year, misinformed homebuyers, often first-time purchasers or seniors, become... Read More
So you have never taken out a loan? You don't... Read More
Loans that are secured against property are called secured personal... Read More
Did you know that if you have a home that... Read More
Student loan debt is a problem that affects many former... Read More
Loan |