One
of the most frequently used assets as security in such an arrangement
is a house, or that portion of the equity in a house which is not
already granted as security for other loans. This type of loan is
usually quicker to arrange and more attractive interest rates are
available as it is a safer proposition for the lender. In nearly all
circumstances the lender will be able to recover their money. Because
of the lesser risk profile of the secured loan it will often be
attractive to those with a less than perfect credit history. The
secured loan is therefore an option for those with equity tied up in
property who are seeking low interest rates or have experienced
problems getting an unsecured loan, or for whom an unsecured loan is
not otherwise an option.
Secured loans can usually be arranged without punitive fees like those
which a standard remortgage will attract. For this reason it is often a
preferred route for those seeking to release capital from their real
estate investments.
The
capital which a secured loan releases can usually be used for any
purpose including home improvements, buying a car, take a once in a
lifetime holiday, and management or consolidation of other debts. By
consolidating many short term debts into one larger long term secured
loan the monthly payments to service the debt can be substantially
reduced making a significant difference to the month to month finances
of the debtor.
Secured Loans are available from high street banks and building societies as well as specialist lenders.
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Secured Loans
Compare 100s of secured loans with the loan specialists at Accepted.co.uk www.accepted.co.uk |
