What is secured loan finance?
A secured loan is a type of finance. The reason it is called
a secured loan is because the lender uses one of your assets
as security. The most commonly used asset is your house. As
a result, these loans are designed for people who own their
own home.
What is security?
If an asset is offered as security against a loan, then that
means that the lender can take that asset away from you if
you fail to repay the loan.
What are the advantages of secured loan finance compared
to other types of finance?
Because the loan is secured against your property, the
lender is taking less of a risk than they are when they
offer someone an unsecured loan. As a result, the interest
rates on this type of finance is generally lower than on
overdrafts, credit cards, and other unsecured finance.
How much can I borrow?
Most finance lenders will arrange secured loan finance for
anything from £3,000 up to £100,000. The amount they will
lend you will depend on factors such as your income and the
current value of your home.
What can this finance be used for?
Pretty much anything you like. For example: debt consolidation, home
improvements, a new car, a holiday, paying for university studies or
other training, or paying for a wedding.
How long does the finance run for?
Finance is available over various terms, typically from three years
up to 25 years.
I've got a low credit rating. Can I still get finance?
So long as you are a homeowner and the value of your property is
greater than your existing mortgage, then a history of credit
problems won't necessarily prevent you from being approved for
finance.
How long does this type of finance take to arrange?
This varies from case to case. Once you apply for secured loan
finance, it can take anything from a few days to a few weeks until
you receive the money. Generally speaking, most finance take around
three weeks from the time you make the application until the time
you receive the loan money.
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