Secured Loans - the ‘any Purpose Loans' - are in Great Demand
Though most try to manage their finances well, there are times when expenses go haywire or unforeseen financial emergencies crop up. This is when loans come into the picture. The most popular loans in the UK credit market are the secured loans.
A secured loan can be obtained by placing an asset as collateral, which serves as a security against the loan amount. In the event of too many delays or defaults, the lender can take over the pledged property. To benefit from a secured deal, one must pay his EMI's (Equal Monthly Instalments = Principle + Interest) as decided, i.e., on time and in full.
One can find a variety of secured loan products in the credit bazaar. Devised according to their usage, some of the most saleable ones are:
Wedding loans - designed for endless wedding expenses, these loans ensure that those expenses do not over-shadow ones wedding plans
Holiday loans - designed to cover vacation as well as holiday season expenses, these loans ensure that a tight financial situation does not stop people from enjoying their holidays
Car loans - designed for new as well as used car purchase, these loans help people buy and drive their desired vehicle
Home loans - designed for home or property owners, these loans ensure maximum benefits like low APR and comfortable repayment terms
Business loans - designed for varied business requirements, these loans give concrete shape to the dreams of an aspiring entrepreneur and new life to an existing business
Debt consolidation loans - designed for people facing multiple debt difficulties, these loans combine all their debts into a single manageable debt
Bad credit Secured loans- designed for people stuck in a bad credit situation, these loans are the perfect choice to come out and improve the bad credit score
The above-mentioned range of products proves that these loans are any purpose loans. The basic criteria to avail all secured loans remain same - credit record and DTI ratio. However, the APR may vary according to the type and amount of loan required, desired payback method and period, and value of the pledged collateral.
Related Tags: loans, secured loans, secured loan, secured homeowner loans, secured loans uk, any purpose loan, any purpose loans
The authoress is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. She has done her masters in Business Administration and is currently assisting Secured Loans For Any Purpose as a finance specialist.
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