What is a Secured Loan?
Lower monthly repayments than unsecured loans
The ability to borrow more money
Spread repayments over a longer period of time
More detailed information??
A secured loan is a type of loan available to people with securable assets. Usually these assets take the form of property, such as a home; this is why secured loans are often referred to as 'homeowner loans', "home loans", "secured personal loans" or "second charge loans".
You do not have to own your own home outright to be able to take out a secured loan; if you have a mortgage you can put the proportion of the home that you own up as security.
Because a secured loan is secured on property, most lenders will approve your loan even if you have a history of adverse credit such as county court judgements (C. C.J's), defaults and arrears. This make secured loans very attractive to people who would otherwise not qualify for a loan from their local bank.
You can borrow any amount from Ј5,000 to Ј75,000 and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances. Generally, secured loans tend to be cheaper than unsecured loans and other forms of borrowing.
The interest rate for a secured loan depends upon various factors such as the amount of money you borrow, the length of time and personal details. You can also insure your payments for peace of mind, so you do not have to worry if you lose your job or are unable to work because of accident or sickness.
Secured loans are arranged through leading financial institutions so you can be assured of a professional and responsible service such as, National Banks and Finance Houses like First National Bank, Black Horse Finance, Welcome Finance, iGroup amongst others.
Once your secured loan application has been processed and accepted you will be made a no obligation offer. It usually takes around 14 days for a secured personal loan to be completed and you can cancel any time within this period with no penalties.
You may freely reprint this article provided the author's biography remains intact: