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Also, you can cut your monthly payments by stretching loan over a longer term anywhere between five and twenty-five years.
A secured loan is perfect way to borrow between £5,000 and £75,000 at a low rate. Obviously better your credit history and individual circumstances will affect rate which is offered to you. You can be approved for a secured loan even if you have mortgage arrears, retired or have county court judgements.
The consequences of not being able to keep up your payments are much more serious than with an unsecured loan. The danger with a secured loan is if you are unable to keep up repayments on your loan your home which secured loan could be in danger. Should you fall into difficulties or are unable to make repayments on your loan you will sooner or later lose your home.
This is why before taking out a secured loan it is vital that you consider your debt problems seriously and make sure that you have budgeted fully and can cover loan repayments.
You may freely reprint this article provided author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.