Secured Loans in the UK

Secured Loan in the UK

With the banking crisis still very much in the news and people all over the world feeling the effects, you may not feel that now is the right time to be thinking about a loan.

You may be under the impression that the lenders in the UK and in other places around the world are not as willing as they once were to loan money, even if you have good credit.

Thankfully, this is not entirely true. While there are many lenders and financial institutions that are being more selective about whom they approve, getting secured loans in the UK is still as viable an option as ever.

Secured loans in the UK, as with all secured loans, will require you to offer property or another asset as collateral or security. Lenders will accept collateral in the form of land, houses, property and some other assets. The asset must have a monetary value that is acceptable to the lender before your loan will be approved.

The amount of the loan will depend on the equity(perceived market value) of the collateral. If the collateral has a high equity, the lenders will allow you to take out a much larger loan if you wish. Generally, secured loans in the UK will range in value from five thousand to one hundred thousand pounds.

The repayment period will be between five to twenty-five years, which makes the repayment of the loan very manageable if you are approved.

If you are approved for a secured loan you are free to use the loaned money anyway you choose, from debt consolidation to a new car or a fun holiday. As you have provided collateral in order to obtain the loan the lender has a back up in the event that you fail to make your repayments. In which case there is less risk on the lenders side and so your interest rates are lower.

Anyone who needs a loan and has collateral of value, whether they have good or bad credit, can take advantage of a secured loan.

If you’re looking for secured loan in the UK we can help we can search 90%+ of the UK loan market to find the best available secured loan today with the lowest rates and best terms available. We offer a quick application with no obligation whether you have good or bad credit we can help. Get your Quick Loan by completing the short form on the right.