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Secured Loan

What are secured loans?
A secured loan is a loan that requires the borrower of the loan to provide the lender with a certain form of security. The security maybe in the form of property like residential property or other property like a car, etc. The secured property will naturally be the borrower’s property regardless of whether it is mortgaged or owned outright by the borrower. The loans that are secured against the property which is already mortgaged are known as second charges whereas the loans that are secured against property owned outright by the borrower is known as first charges.

Amount of secured loans
In the UK, the secured loans are available in varying amounts and for several purposes like debt consolidation. The amount of secured loans usually varies between 3000 pounds and 50000 pounds. Some lenders may give secured loans up to the tune of 100000 pounds. The amount borrowed is paid in monthly installments along with interest that is decided at the beginning of borrowing the loan. The full loan is to be paid between a period of 3 years and 25 years on an average. You maybe charged a penalty for repaying your loan earlier than the due date and hence it is necessary that you refer to all the conditions of the lender’s policy before borrowing the loan.

Interest on secured loans
The interest charged on the loans depends on the type of loan and the amount that you borrow. The chargeable interest is known as APR or Annual Percentage Rate. The amount that you are able to borrow along with the APR payable will also depend on the equity that you have on your property. It will also depend on the lender’s view of your ability to repay your loan under normal circumstances. In some circumstances you may be able to up to 125% of the property that you have offered as security. The APR quoted by the lender will usually be the existing rates in the market. These rates act as a general guide as the exact rates will depend on the lender. You can compare the terms and the APR of different lenders and go for a secured loan with a lender who offers you the best rates.

Easy to obtain
Secured loans in the UK are easier to obtain than unsecured loans as they come with a security of a certain kind. The lender knows that if the borrower is not able to pay the loan then the property will fall in the lender’s hand. Secured loans are also useful for larger amounts or when the applicant requires a longer repayment period.

How to apply?
The lending institution in UK offer you a lot of options of obtaining your secured loans at any of their branches or just making a call at any of their branches. You can also make an application of the secured loan on their websites. The initial assessment of your loan application will be made quickly, however the loans under 25000 pounds are regulated and a 7 day consideration will be given to you to allow time for you to assess the implications of the credit agreement.
 
   



 

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