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A Borrower's Guide to Bad Credit Loans UK
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Guide to Secured Personal Loans
Here is a useful guide to secured personal loans. A secured personal loan is the generic term for a loan. A secured personal loan is when you take out a loan that is secured on your property. A secured personal loan is secured against your home to...
Holiday loans: celebrating holidays in your own special
A holiday in many countries is a day set aside for celebrations
and is considered a culture wide observation or activity. Since
holiday is such a huge occasion, many people appreciate in their
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A quick guide to secured Loans
As the name suggests, a secured loan is a loan given to the borrower on a condition that he provides the lender with something as a security to the loan amount. Generally, the security offered is the borrower's home. The property pledged as the security is called collateral.
Secured loans are not risky for the lenders since they have something from which they can recover their loan amount, if the borrower fails to repay. For this reason, secured loans are offered at lower interest rates than the unsecured ones.
Secured loans are easier to get because of the collateral offered. The ability to offer collateral makes the secured loan accessible to a whole lot of persons. People who are otherwise unable to prove their creditworthiness can get a secured loan if they have something to offer as collateral for the loan.
Secured loans can be taken for a wide variety of purposes; in fact, any type of financial need can be fulfilled via a secured loan. Debt consolidation is one of the most popular reasons why people take a secured loans.
Depending on the value of collateral offered the loan amount can range from £3,000 to £50,000. The lenders are not hesitant to offer a higher amount. If they are satisfied that the collateral is of a sufficiently high value, they can even consider lending £100,000 or more.
The repayment options available with secured loans vary with lenders. Generally, they are based on agreement between the borrower and the lender. Repayment period might range between three years to twenty five years. A prepayment penalty may be charged if you repay the loan earlier than the agreed period.
The process of getting a secured loan has many costs associated with it. Since, collateral is under question, the lender has to satisfy himself whether the value of collateral is sufficiently high or not. If the collateral is your home then he might have to get your property valued and this will incur some valuation charges. Solicitor's fees to prepare the legal agreement, the conveyance to the
property site and office charges are also included in the cost of getting a secured loan.
The process of applying for secured loans is quite easy. Nowadays, many lenders are having their own websites. A borrower can submit an online application for such a loan request. He can also submit his application over a phone or into any of their offices.
The process of getting approval for a secured loan is a little longer than the unsecured ones. The cause of the delay is the valuation of the property or collateral. The paperwork that has to be done in pledging the collateral also takes time. Lenders will also take the help of credit rating agencies to get a clear picture of your credit history. All these formalities will be completed within few weeks and you can hear about you loan within 30 days of applying.
Every lending institution has a legal obligation to inform you about the interest they will charge on your loan. The APR (Annual Percentage Rate) is the most suitable indicator of this factor. The APR charged from you will depend upon your creditworthiness and equity in the property. The borrower should try to get the loan with lowest APR since it will help him pay the loan easily.
Taking a loan is a legal process and brings financial liability to the borrower. While taking a loan, a credit agreement has to be signed; the terms and condition of which are binding on both the borrower and the lender. This fact itself should encourage the borrower to get into the minutest details of the loan agreement and get everything clear before signing on the dotted line.
About the Author
Aldrich Chappel has been associated with get-secured-loans,since its inception.Having completed his Masters in Finance from Lancaster University Management School,he undertook to provide useful advice through his articles that have been found very useful by the residents of the UK.To Find Secured loans,loans for homeowners,best secured loans visit http://www.get-secured-loans.co.uk
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Cheap Loans | car, personal & secured homeowner loans ... |
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Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
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www.loans.co.uk |
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FinAid | Student Loans |
An education loan is a form of financial aid that must be repaid, with interest. ... The interest rate on the Stafford Loan for new loans first disbursed ... |
www.finaid.org |
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GovLoans.gov - Find the Right Loan for You |
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en.wikipedia.org |
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Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
www.quickenloans.com |
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Mortgage Loans - Compare Mortgage Rates - MSN Money |
Get a mortgage loan that’s right for you. Compare mortgage loan rates of top lenders. |
moneycentral.msn.com |
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The Student Loans Company Ltd. |
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www.slc.co.uk |
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Sallie Mae - Private Student Loans, Stafford, PLUS, Student Loan ... |
Apply online for federal and private student loans, consolidate student loans; financial aid and scholarship information for college, graduate school and ... |
www.salliemae.com |
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Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs) |
This page provides content and information related to the Loan Guaranty Home Loan Program. |
www.homeloans.va.gov |
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Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
www.fool.co.uk |
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LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
www.lendingtree.com |
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Direct Loan Home Page |
The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
www.ed.gov |
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Personal, home equity loans for union members at Union Plus |
Union Privilege offers Union Plus benefits -- including credit card, mortgage, loans, insurance, scholarships, health care savings and other discounts -- to ... |
www.unionplus.org |
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Countrywide Financial - Home Loans - Equity Loan Mortgages ... |
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my.countrywide.com |
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Secured Loans UK - Secured Personal Loans - accepted.co.uk |
We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
www.accepted.co.uk |
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UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
www.ukpersonalloanstore.co.uk |
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