The Money Stop

Homeowners looking for a significant cash advance can now choose from secured loan deals which are even more competitive than the average unsecured loan rate, financial experts have claimed.

According to Moneyexpert.com, the average APR on a £15,000 unsecured loan is an estimated 8.44 per cent.

However, borrowers with the option of securing the loan against their property have been able to get interest rates as low as 5.9 per cent, almost 2.5 percentage points cheaper than the average unsecured loan rate on the market for balances of £15,000.

Sean Gardner, chief executive of MoneyExpert.com, said: “Historically secured loans were seen as something of a product of last resort.”

“But these days they are far more attractive to homeowners who are looking for a competitive rate of interest,” he added.

Findings from MoneyExpert.com reveal that demand has increased for secured loans in the past six months with an 85 per cent rise in the number of applications seen in the last quarter ending in January 2008.

Meanwhile, further research from finance experts have shown that 1.39 million have switched mortgage provider for a better deal in the past six months.

Related Posts

Tips on getting a loan with bad credit

It is nothing unusual these days to have damaged credit, and in fact and increasing number of us are finding out just how difficult life can be with poor credit. Sky high consumer debt levels

Secured Loans

There are a number of loan options available to consumers in the UK these days depending on your needs and circumstances. One type of loan that may prove effective and affordable is a secured loan. These

Payment Protection Insurance For Loans

Every year many people in the UK take out a loan in some form or another, whether it is a secured loan that is secured against the home or whether it is a contract based

Citizens Advice urges caution with consolidation loans

With record numbers of consumers struggling to pay off unsecured loans, a consolidation loan can sometimes be seen as a reasonable way out, but Citizens Advice has warned debtors to consider all options before signing

Personal Loans

Personal loans are an effective way for many consumers in the UK to raise finance and then make monthly repayments to pay off the amount borrowed. Unsecured personal loans are available from a number of lenders

Loans - Find A Cheaper Personal Loan Deal

Thank you for visiting The Money Stop for your unsecured personal and secured loan needs. Personal loans can be used for a variety of purposes including a new car, holiday, home improvements or simply to repay

Secured Loans - What You Need To Know

It's not always easy to manage your finances in the face of unforeseen or large expenses. People might have to deal with costly occasions and events such as: family weddings school fees or other tuition fee home

UK lending figures rise

Lending to individuals in the UK rose again in November, according to the Bank of England.Figures show that there was an increase in all types of loans of £10.9 billion between October and November.Credit cards,