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The application process is a lot longer with secured personal loans than with unsecured loans, due to fact that your loan provider will need to value your home.
The amount that you borrow for a secured personal loan may be limited by your collateral value in your property. So, greater collateral, greater amount you can borrow against it. Even if you have had credit problems in past, you may still be able to get your funding.
With a secured personal loan you can borrow from £5,000 to £75,000 with low monthly repayments. Loans may be taken out over terms ranging from 5 to 25 years giving you option of setting repayments at a level with which they feel comfortable.
Secured personal loans tend to have a lower interest rate compared to unsecured personal loans. This is because there is less risk involved for lender because loan is secured on your property.
If you default on your payments, you will find that loan providers will be a good deal more patient with you. Because they know that they have your home as collateral for loan, they will give you more time to recover from whatever problems you are having that are making you late on your payments. This is not guaranteed though, so take time to plan your payments and make sure that you can make them comfortably before you take loan out.
Majority of lenders offer option of fully comprehensive insurance cover to protect your payments in event of unexpected.
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.