Secured Loans UK FAQs

Secured loans in the UK are mainly categorised by the fact that they are for homeowners. This means that the person taking out the loan uses their home as collateral. Should you fall into difficulties or are unable to make the repayments on your loan you will sooner or later lose your home. This is why before taking out a secured debt consolidation loan it is vital that you solve the route of your debt problems and make sure that you have budgeted fully and can cover the loan repayments.

Secured loans are also different from unsecured loans in the following ways:

Secured Loans Are Easier To Be Approved For.

Due to the fact that you are in effect betting your home on the fact that you can repay any secured loan taken out, you will find it easier to be approved for this type of loan. unsecured loans are more difficult to come by as they provide more risk to the loan company.

Secured Loans Offer Cheaper Interest Rates.

Again, due to the decreased risk of the personal loans company, people looking for secured loans will find that the interest rates they will have to pay will be much cheaper. Unsecured loans will find that they have to pay interest at a higher rate.

Loan Companies Are Less Likely To Act Immediately And Drastically On Payment Defaults.

The fact that you are a homeowner who is risking their house, you will more often than not find that should you not be able to keep up repayments on your loan you will be given more time to recover from this than unsecured loan holders. This is a rule of thumb but is by no means a guarantee and we advise you wholeheartedly to make 100% sure that you can keep up all loan repayments before you make your application.

Secured Loans Take Longer To Process.

The above statement is correct. However, due to the much cheaper interest rates available for Secured Loans the extra time it takes to go through is well worth the wait.

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Random Loans Fact

Debt Consolidation Guide

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

All loans subject to status in the UK to home owners aged 18 and over and may be secured on property.

OUR TYPICAL, VARIABLE RATE IS 10.9% APR. RATES RANGE FROM 7.25% APR to 27.60% APR

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