A secured loan is basically an agreement between a borrower and a money lender. The lender agrees to give the borrower money in the form of a loan and the borrower agrees to pay the lender back at specified intervals over a specified period of time. In order to give the lender confidence that the money will be repaid, security against the loan is often provided by the borrower. The most common form of security given by the borrower in secured loans is their property.
So in order to take out a secured loan from a reputable financial institution, the borrower must be a homeowner. If you are a homeowner and wish to borrow money, you can also opt to take out an unsecured loan. However, secured loans will usually give lenders more confidence to agree to lend a borrower larger sums of money with better terms than an unsecured loan would.
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Secured loans are generally available for any borrowing purpose. Most commonly, borrowers require loans for home improvement, debt consolidation, vehicles, holidays, weddings for their children and business (although some loans for business require special types of commercial financing rather than secured loans).
Most lenders will require borrowers to commit to at least a five year repayment term in secured loan applications. There is flexibility beyond the five year term as most secured loan schemes will allow you to specify over what period you would like to repay the loan, up to 25 years in many cases. Consequently, secured loans are long term loans: the longer the term, the lower the monthly repayments will be over that term.
Secured loans can also help people with a bad credit history to be seen as a less risky borrower by loans providers. Although potential borrowers with bad credit may have problems getting an unsecured loan, securing a property against a loan will more often than not result in a lender agreeing to enter into a loan agreement.
One thing to remember always is that the security of your home against the loan means that the lender may repossess your house in the event that you default on payments. The security is for the lender and not the borrower.
In terms of finding a secured loan in the UK, there are literally hundreds of companies fighting for your business. How do you find the secured loan that is right for you? One of the simplest ways is to try an online loan finding service. All you need to do is visit one of these sites, select the type of loan you require and complete a short application form. The website will then take some details from you and match them to UK loans providers according to your financial situation. This can often result in a tailor made loan quote that can be hard to beat.
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