Secured loans are one of the best ways to obtain large amounts of money quickly. They're backed by personal property, usually a home and are therefore available to homeowners, with lenders offering the loan on a secured basis against the property.
Loan Security
Secured loans are typically easier to obtain than an unsecured loan because of the collateral involved. Collateral does come in various forms but the most common is your home, or other property you own.
Loans secured against property that is already mortgaged are known as second charges, where as loans secured against a property owned outright with no existing mortgage in place is known as a first charge. Loans are available for almost any purpose including debt consolidation, home improvements, holidays and car purchases.
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Credit Scoring
Lenders frequently use credit scoring facilities and credit reference agencies to assess your suitability. If you are refused a loan or wish to make inquiries concerning your own credit file you can apply to the credit reference agencies for a copy of your credit file.
Credit reference agencies provide a detailed analysis of your financial position as they hold information relating to your credit history, any adverse credit and any existing commitments. They will look at your past credit history and take into consideration any adverse credit such as mortgage arrears, defaults or county court judgements.
Bad Credit doesn't mean you can't get a loan.
Bad Credit
Loans are available at reasonable rates even with a bad credit history, which means that you can enjoy lower repayment terms even if your have a tarnished credit history. CCJs and bad credit history need not be a problem when applying. Many Lenders are sympathetic to personal loan requirements whatever they may be, good or bad credit history, employed or self employed.
It's a competitive market and Lenders need to stay in business, so they're open to considering a broader spectrum of personal circumstances.
Loan Amounts And Interest Rates
The main advantage of taking out a secured loan is that the interest rates are much lower than most other types of loan and the repayment scan be spread over an amount of time that suit's the borrower rather than the Lender.
If a Lender knows that the loan amount is tied into the borrower's property then he knows that the borrower has an extra commitment to keep a roof over his or her head. This security covers the risk factor that is attached to the loan amount.
The Lender will also need to know the value of your home and details ofyour outstanding mortgage and any other loans secured on the property, as already mentioned the amount that you can borrow is based on the amount of equity in your home. Equity is your current mortgage balance taken away from the current value of your house.
It is not necessary for you to own your home or property outright to secure the loan, although you must have sufficient equity in the property to cover the amount borrowed. The actual rate available to you will depend upon your circumstances and the loan amount.
Conclusion
Secured loans offer a flexibility generally not seen with other lending methods, for example loan amounts equivalent to 125% of your property value can be arranged. Typically a remortgage will offer only 90% or thereabouts. 100% self certification is also a possibility. Loan turn around time is also very quick when compared to mortgages, loan deals can be completed within as little as 10-14 days.
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