Secured loans in UK are available to those who own their own home, how it works is simple and straight forward, you can borrow anything from £5,000 to £100,000 possibly more depending on the individual lender and your home is used as collateral against the loan.
Obtaining a Secured Loan is now even easier than before, the only dilemma you will have is choosing a lender. There are literally hundreds of lenders to choose from. You don’t even have to go to your own bank, you can apply on-line and search through hundreds of lenders in seconds for a no-obligation decision on your loan, or approach a reputable Broker who will sort out all your paperwork, sometimes free of charge.
Those with adverse credit such as CCJs, defaults, mortgage arrears and even secured loan arrears can apply for such a loan. The majority of lenders do not give weight age to score and have individual plans that allow for some adverse credit.
You can even be accepted if you are self employed with no proof of income or accounts, the interest rate will undoubtedly be higher for these cases, however if you are willing to shop around, you can find an interest rate and repayment method that will suit your circumstances.
Summary:
Secured Loans are ideal for releasing cash in a hurry, whether you require the money for a business venture, new car, wedding, holiday or home improvements or you may wish to use the money purely to consolidate any existing debts, so that you will be left with one affordable monthly payment, some lenders will even allow you a six-month payment break when money is tight.