Why Choose a Personal Loan?Written by John Mussi
Are you wondering why choose a personal loan? One of main reasons for choosing a Personal loan is flexibility. There are a variety of Personal loans available which can be divided into two categories: secured personal loans and unsecured personal loans. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have option of an unsecured personal loan. Secured Personal Loan: A Secured personal loan is simply a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years. The only disadvantage to a secured personal loan is that there is a risk of losing your home, if for whatever reason, you are unable to keep up repayments.
| | Why Choose a Secured Loan?Written by John Mussi
Are you wondering why choose a secured loan? A secured loan is a loan which is provided to you from a bank or building society. Secured loans require you to be able to put an asset up to secure loan, this is typically your home. Because a secured loan is secured on property, most lenders will approve your loan even if you have a history of adverse credit such as county court judgements, defaults and arrears. This make secured loans very attractive to people who would otherwise not qualify for a loan from their local bank. You can borrow any amount from £5,000 to £100,000 and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances. Generally, secured loans tend to be cheaper than unsecured loans and other forms of borrowing. Secured loans have several advantages. A secured loan is a quick and convenient way to plug a short term financial need, for example, to go on holiday or extend or improve your home. In essence, a secured loan enables homeowners to unlock some extra cash by using their greatest asset - their home.
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