When you get a quote for a secured loan, start by thinking how much you need to borrow . A lot of UK customers use secured loans for debt consolidation, which is to pay off a number of existing debts such as credit cards and loans and putting them all into one single repayment format. In this case, it is worth calculating all debts and finding out how much interest you owe and for how long and applying for the right amount for you.
Consider the interest rate that you will be charged and the length of the loan – since the longer that you will need to borrow for, the more interest that will continue to add up year-on-year cash advance online Rhode Island. So finding a low rate and just the right amount of time to borrow for, will help you get the best deal possible.
Be sure to take note of any additional loan or arrangement fees that can often come with a secured loan, including property valuations or solicitor fees, arrangement fees, broker fees or fees of early repayment. Being aware of these can help you save money during the loan application and funding process.
Since the loan is secured against your home, your property is at risk of repossession if you fail to keep up with repayments. When your loan is approved, you are receiving a large sum initially upfront and if you cannot repay it, they will have to take ownership of your home in order to recover their fees.
The lender will usually take a number of steps to help you repay your loan if you are facing difficulty and this may involve different repayment plans or arrangements. Repossession is usually the last resort.
With this in mind, it is important to understand the repayment terms and potential risks and Lending Expert is on hand to help you get the best rates and terms possible.
Yes, you can apply for a secured loan with a bad credit rating and this type of loan is popular for people with poor or adverse credit histories or previous CCJ’s.
When applying for unsecured loans, your loan approval is based on your income and credit rating. However, with secured loans, the value of your property and your equity in that property can largely determine the amount you can borrow and the success of your application.
So despite having a less than perfect credit score, if you have a valuable home, flat or property, you can still get the funds that you need – and the range of lenders working with Lending Expert are here to help and willing to take a view of all different credit histories.
Use our comparison table provided to compare rates and terms from over 18 secured lenders that we have partnered with.
Once you have selected the lender of your choice, click on ‘check my eligibility’ where you will be taken to our form and can enter a few basic details. Our secured loans broker team will review your information and come back to you with the best options tailored to your requirements.