Guide to Secured Personal Loans

Written by John Mussi


Continued from page 1

The application process is a lot longer with secured personal loans than with unsecured loans, due torepparttar 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,repparttar 142474 greaterrepparttar 142475 collateral,repparttar 142476 greaterrepparttar 142477 amount you can borrow against it. Even if you have had credit problems inrepparttar 142478 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 yourepparttar 142479 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 forrepparttar 142480 lender becauserepparttar 142481 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 forrepparttar 142482 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 takerepparttar 142483 time to plan your payments and make sure that you can make them comfortably before you takerepparttar 142484 loan out.

Majority of lenders offerrepparttar 142485 option of fully comprehensive insurance cover to protect your payments inrepparttar 142486 event ofrepparttar 142487 unexpected.

You may freely reprint this article providedrepparttar 142488 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.


What is a personal Secured Loan?

Written by John Mussi


Continued from page 1

A Personal secured loan can sometimes be a better option when taking out a loan due torepparttar fact thatrepparttar 142473 interest rates onrepparttar 142474 personal secured loan will tend to be much lower than for unsecured personal loans. This is due torepparttar 142475 fact that you are putting up your property as collateral.

A personal secured loan gives yourepparttar 142476 option to pay backrepparttar 142477 loan borrowed over a longer period of time and at a lower interest rate. Personal secured loans also offer yourepparttar 142478 ability to increase your repayments or to repay a lump sum if your financial situation changes at any time. This can help to reducerepparttar 142479 amount of time you will be paying offrepparttar 142480 loan, and of courserepparttar 142481 total amount of interest you pay back.

With a personal secured loan you can borrow from £5,000 to £75,000 with low monthly repayments. Loans secured on property can be repaid over a period of between 5 years and 25 years .

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 forrepparttar 142482 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 takerepparttar 142483 time to plan your payments and make sure that you can make them comfortably before you takerepparttar 142484 loan out.

Should you fall into difficulties or are unable to makerepparttar 142485 repayments on your loan you will sooner or later lose your home. This is why before taking out a personal secured loan it is vital that you consider your financial situation carefully and make sure that you have budgeted fully and can coverrepparttar 142486 loan repayments. If you cannot keep up withrepparttar 142487 repayments, your home is at risk.

You may freely reprint this article providedrepparttar 142488 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.


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