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Secured loan requests can only be approved to UK homeowners. If you are a tenant you can only apply for unsecured loans for bad credit and we recommend you visit one of the partner sites we have listed at the bottom of this page.
Homeowners are eligible for secured loan quotes because property is used as security. Do you find this a bit daunting? Just think of a secured loan as your mortgage, in fact many people call secured loans second mortgages or even equity loans. Secured loan lenders, just like mortgage lenders, make their money out of interest they charge on loans. Secured loan lenders are not in the property business and do not want to have the expense of taking you through a long procedure to repossess your property. By law, if you have any repayment problems, they have to help you resolve them, just like your mortgage company – but you don’t intend to have any repayment problems do you so this is not something to over concern yourself with?
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Secured loan lenders can often offer better rates to their customers than unsecured loan lenders. This is partly because the loans that secured loan lenders offer are bigger so naturally they earn more interest overall. Secured loans can be taken over longer terms, sometimes over a term as long as your mortgage or up to 25 years. This could make your repayments more affordable, although the loan will be with you for longer you should be able to live comfortably.
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