How long will it take?
That depends on how quickly you want to complete it. If you send in your documents as quickly as possible then you could see your money in as little as a week. Typically the process takes longer but one of our loan specialists will be able to give you a clearer idea of the exact timeline for your specific loan.
Will this involve a lot of paperwork?
The paperwork involved is much less than a re-mortgage but we will need to prove your identity, address, and have you to sign a loan agreement and mortgage deed. Other than that the paperwork will be very minimal.
Why should I get a secured loan?
A secured loan is often secured on your property so some people worry about the risk involved. There is no way you will lose your home if you keep up the repayments though. As a responsible lender, we make sure you can afford the cost of repayment. We can also usually offer you a range of products to protect you if you are unable to work because of an accident, illness or unemployment, as well as life insurance.
There are many positive benefits to a secured loan. For example, you may be allowed “payment holidays” where you can stop making repayments for an agreed period. The biggest benefit is that borrowing is much cheaper than with an unsecured loan.
What if I am unable to keep up the repayments?
We make sure you can afford the repayment and we can also usually offer a range of insurance products to cover you if your circumstances are to change at any point. If you do find youself in trouble there are ways of saving money in other areas, such as taking the time to compare life insurance policies to find the best deal.
Are there a lot of fees to pay upfront?
No. Any reputable secured loan broker will not ask for upfront fees.
What if I can’t prove my income?
Because the loans are secured on your property there is less risk to the lender. The lender also realises that self employed people or those with income from non-traditional sources and can’t prove it, are often better risk than employed people with a standard pay slip.
Rates will not be higher for these applicants, although sometimes, there is a small premium but when we compare all the lenders we will make sure you get the best deal. Lenders will sometimes need to see proof that you are self-employed but not always.
What if I have mortgage arrears?
Our lenders can usually arrange loans for almost every type of poor credit history. Of course, it helps to have equity in a property and generally the more you have, the lower the rate you will qualify for.
What will my monthly payment be?
This will depend on how much you want to borrow and how long you plan on making repayments. We can help you figure out how much you can afford to pay back.
What are the dangers of a secured loan?
The main danger of a secured loan is not making your repayments and losing an asset such as your property or car. If you do not hold up your part of the agreement and fail to make payments to the lender then they can sell the item used as security. There are many precautions that will help you avoid this and if you make your repayments you have nothing to worry about.
How much can I borrow?
This will depend on how much you can afford in repayments and how much equity you have in your property. It could be anywhere from £5000 - £250,000. Our lending specialists can give you a better idea of the kind of loan you can expect to take out.
What can I use the loan for?
Almost anything. Some lenders may restrict what you can use the money for or might insist that some of your existing credit is paid off so you can afford payments.
One of the most common uses for a secured loan is to consolidate existing debt, especially that which has compiled from credit cards.
Can I cancel a secured loan?
Under the UK Consumer Credit Act 1974, secured loans up to total value of £25,000 are regulated. At the time your loan is approved you will be asked to sign a credit agreement so make sure you read and understand all the terms of the agreement. Regulated loans under $25,000 allow you seven days as a consideration period after the loan in taken out in case you wish to cancel the agreement.
How do I apply?
It’s as simple as filling out our form. A customer service agent will then contact you and help guide you through the process.
How long do I have to repay the loan?
Typically loan terms range from 3 to 25 years.