Avail Larger Loan Amount With Secured Loans
If you are looking for a larger loan amount with a flexible repayment term, then a secured loan would be a viable loan option for you. There are different lending institutions available in the UK loan market from where you can seek this loan type according to your needs and requirements. It can be a high-street bank or a building society, they all serve the purpose of those who seek. But, due to the stiff competition among the private lenders across the UK, the loans are now available on better terms and conditions.
A secured loan is also called as second charge mortgage. You can seek a loan amount according to the equity present in the property which you have kept as collateral. Homeowners can very easily seek a loan amount by putting their home as collateral.
The lenders can provide you a loan amount up to 125 percent of the equity present in your home. The loan amount for a secured loan can vary from ₤ 5000 to ₤ 250000, whereas the repayment terms are longer, as compared to an unsecured loan.
Generally, the lenders offer a variable APR (Annual Percentage Rate) with this loan option. The interest rates in a variable APR can vary throughout the loan tenure in accordance with the base rates of the Bank of England. As the lenders have low risk in this case, so they offer the loan on lower interest rates.
People with poor credit history can also seek a secured loan, provided that they fulfil the loan criteria of the lenders. A bad credit history can include anything from missed payments and defaults to County Court Judgments or bankruptcies. Even if your loan application has been turned down by the lenders, you should not get disheartened. It is advisable to keep on applying for the loans, as the loan criteria varies from lender to lender.
A secured loan can be used for different purposes. Be it for the purpose of doing a major home renovation or for meeting the huge expenses of a wedding ceremony, a secured loan can help you in fulfilling most of your financial needs.
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