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Secured Loans FAQ
What is the difference between an unsecured and a secured
loan?
A secured loan is based on the fact that, as a homeowner,
your property gives the lender security. That means you'll
often get a better interest rate on a secured loan, compared
to an unsecured loan, because the lender considers it to
be less of a risk.
Can I get a secured loan if I'm not a homeowner?
No, a secured loan can only be arranged using your property
as collateral. However, if you're not a homeowner, you can
apply for an unsecured loan at a competitive rate. Click
here (link to Loan Calculator) to see how much you could
borrow and what your repayments might be. Or call our friendly
staff on 0800 019 7373 and we'll be happy to advise you.
Alternatively, you could apply online (link to unsecured
loan application) and we'll get back to you as quickly as
we can.
Can I still get a secured loan with a bad credit history?
As long as you are a homeowner and the value of your property
is greater than your mortgage (you have equity in other
words), a bad credit history won't necessarily exclude you
from getting a secured loan. Because the lender has security,
mortgage arrears, County Court Judgements (CCJs), payment
defaults and other problems, such as no proof of income,
are often less of an issue with a secured loan.
Where can I find a glossary of secured loan terms?
Just click on our loan
information glossary for an explanation of some of the
words you might come across when you're looking for a secured
loan or other form of finance.
How do I apply for a secured loan?
Applying for a secured loan couldn't be simpler. You can
either apply for a secured
loan application online using our simple form or call
our friendly staff on 0800 019 7373. We're here to help,
so if you have any questions or concerns or you'd like more
information about secured loans, just ask.
What will happen after I apply for a secured loan?
First, our team of professional underwriters will assess
your individual requirements and circumstances and look
for the best secured loan for you amongst our panel of lenders.
We always try to get you a decision in principle within
24 hours of your application. If you wish to go ahead, we'll
keep you informed of the progress of your secured loan and
let you know exactly what you need to do and when. You won't
need any interviews and all the paperwork can usually be
completed through the post and by phone. We'll do everything
we can to make sure the process runs smoothly and you get
the money as quickly and efficiently as possible.
Return
to Secured Loans Advice
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