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Cash advance loans
A common problem for many people needs a small amount of cash quickly for a short period of time. The loan may be needed for many reasons such as home or vehicle repairs, a medical expense or perhaps you have an opportunity that you can not pass up....
Home improvement loans - transforming brick and mortar
There is no courage in living an existence where you are
constantly dissatisfied. Accepting your current resident as
package you can't exchange is a myth. On the contrary it is true
that not everyone has available money to finance...
Home Mortgage Loans For People With Bad Credit
Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to help improve your chances of success: Find A Good Real Estate Deal – If you can find a property that has some equity in it when you purchase...
Mortgages and Mortgage Loans
Mortgage loans are readily available to homebuyers wanting to purchase a home and mortgages are available through several different lending agencies. Mortgage loans are now being promoted online with the Internet, as the Internet has brought a...
No credit check personal loans: when the best loan can't offset bad credit
If there was ever a life saving drug in the loan industry to
people with bad credit - it is personal loans. Bad credit
usually is not very keen to part with your credit history and
stays for 7-10 years depending on the severity of the...
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Understanding Secured Loans
A secured loan is any loan that is secured on your home or property. Secured loans are more easily accessible to those with a poor credit record. This means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit (ccjs, arrears, defaults, etc.) can take out a secured loan.
If you’re a homeowner, you may get a lower rate through a secured loan using your property as security. If you borrow money using a mortgage as security you are agreeing that the lender can claim the mortgaged property if you fail to keep to the agreement. The risk to the lender is reduced so the interest rate offered is lower. This is why secured loans tend to be cheaper than unsecured loans and other forms of borrowing. The lender has the added benefit of security, which provides protection in the event of your inability to repay.
You can borrow larger amounts and repay over a longer period. The amount available usually ranges from £3,000 to £50,000, although some lenders will consider lending more. If you wish to borrow a larger amount or if you require a longer period in which to repay the loan, secured loans may be the
most suitable for you.
You can consolidate more expensive borrowings into a single much cheaper monthly payment. You may choose to take out a secured loan in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, unsecured loans and credit cards.
Before you take out a secured loan, make sure that you can afford the monthly repayments. Also, read the loan agreement carefully and pay particular attention to the rate of interest required, the term of the loan, the repayments required and the total amount payable. If you fail to repay the loan, the lender may repossess your property or home and sell it to repay the loan. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
About the Author
© Copyright 2005, Bwalya Mwaba writes for the Secured Personal Loans website . To apply for a secured personal loan online, just fill out a simple form at: http://www.secured-personal-loan.org.uk/
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