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Articles
- Personal finance explained
- All about secured personal loans
- How can I finance a new car?
- Personal loan finance made easy
- What are home loans?
- Is debt consolidation worthwhile?
- How can I finance my home improvements?
Warnings
News
Personal Finance Changes
26th FEBRUARY 2008
Loan offers from different finance providers are changing every day at the moment, with many companies re-organising their loan offers and acceptance criteria.
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Latest News
All About Secured Personal Loans
The Homeowner Advantage
If you own your own home then raising money with secured personal loan finance is an option open to you. This can be a way of obtaining finance at more affordable rates.
The Right Kind of Product
With this type of loan product your property, usually your home, is used as security against the amount you wish to borrow. The bank, building society or finance company know their money is safe so they can save on costs such as insurance. This means that lower interest rates can be offered to customers on secured loans.
The Process
When you are looking for secured loan finance you will need to have to hand details of your property. For example it will help if you have some idea of the market value and how much is outstanding on any existing mortgage. You should think about how much you wish to borrow and how you plan to repay the money. Perhaps you want a long term loan to fit in with your current mortgage, or perhaps you can afford to reduce the repayment period if interest rates are lower.
Bad Credit Welcome
If you have a poor credit history then you may find if difficult to find personal finance in the UK at reasonable interest rates. However, if you are a homeowner then you have an advantage as you could consider secured loan finance. As the risk to the lender is reduced if you home is used as collateral, then your secured loan application is more likely to be accepted. Also you will be offered a lower interest rate. If a loan application is refused it will affect your credit rating so it is worth finding a lender like ourselves who are more likely to accept your situation.
Don't Let Your Borrowing Get Carried Away
It is of course important not to get carried away and take on a debt which could become too much of a burden. If you have difficulties with repayments on a secured loan then your home could be at risk.