What is a Secured Loan?

Posted in News About Loans For People With Bad Credit

A secured loan is a loan that is borrowed against a valuable asset and is a good way to borrow with low interest rates. However with this type of loan it is really important to repay as you could lose your property if you do not keep up with repayments. The amounts with these loans can range from £3,000 to £50,000 and some lenders not all may consider lending up to £100,000. If you are bringing in a steady income and know defiantly that you can make repayments each month this type of loan could be a good option for you.

Benefits to this kind of loan can be that you do not have to pay high interest rates. The reason for this is because you are borrowing against something so the lender knows that if you do not make repayments they will have something instead. This is a good benefit as the interest that you will pay back will be very low.

 

Want to know what this type of loan actually is?

This is where you will borrow money from a lender, this money should be paid back in instalments back to the lender. These repayments are normally the same amount each month. A secured loan is borrowed against something which can be a downfall if you are not able make repayments you could lose your house.

We can help you apply for this type of loan, by filling out the form, this needs to be filled out accurately so we can find a loan most suitable for you.

Article By Chelsie Lightwood

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