SECURED LOANS EXPLAINED
Secured loans allow you to borrow money while using your home as collateral.
As with other types of loans, you’ll make set monthly repayments to pay back what you owe, plus any interest. The interest rate is calculated as a percentage of the amount you owe, and can be fixed or variable depending on the loan you’ve chosen.
Secured Loans can be an attractive option for those looking to borrow large amounts of money. It can be difficult to borrow more than £25,000 with a Personal Loan, but with secured loans you can often borrow higher.
You can also stretch the loan out for a longer period, making your monthly payments more affordable.
In addition to this, Secured Loans are usually easier to get approved even if you have poor credit or no credit history. This is because using your property as collateral lowers the risk for the lender.
To learn more about secured Loans and to discuss your options, contact us now.