Welcome to our section for secured loans of The Money Stop.
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 secured loans are available from a range of lenders, and are available to homeowners with a mortgage on their home. You can use secured loans for a wide range of purposes, and amongst the popular uses for this type of loan are paying for home improvements, consolidating debts, paying for luxuries such as a car or holiday, or funding a special event such as a wedding.
Consumers with bad credit ratings, CCJs, and defaults will often find it hard to get an unsecured personal loan, but may be able get an affordable deal on a secured loan.
If you have poor credit and wish to take out a secured loan you will often find that you are charged more interest than someone with good credit, and this is because there is increased risk for the lender based on your credit history. However, because the loan is secured against an asset – your home – there is more chance that you will get accepted for a secured loan than an unsecured one.
Anyone applying for secured loans should remember that these loans are secured against the home, which means that your home could be at risk if you fail to keep up with repayments on your loan.
The wide choice of secured loans available these days means that you can find a loan, interest rate, and repayments to suit your needs and budget, and if you wish to keep the repayments low you can spread the loan over a longer period, as these loans offer far longer repayment periods than unsecured loans.
If you have a mortgage on your home then secured loans can provide an affordable and effective way to borrow money. You will need to provide the lender with a variety of details such as your income, outgoings, and employment status.
The lender will also need to know the value of your home and details of your outstanding mortgage and any other loans secured on the property, as the amount that you can borrow is based on the amount of equity in your home. For those that own their own home outright remortgages are available rather than secured loans.
As with all loans, the interest rates, terms and conditions, eligibility requirements, and borrowing levels can vary from one lender to another, so you should take the time to compare a range of secured loans in order to find the one that suits you.
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