Applying for loans is quite inevitable in today's competitive world. Man's unlimited wants and need for expansion be it business,home improvement or to simply fund one's own education abroad would push him to apply for loans.
Secured loan has a wider loan market in UK and one can get easy approval for secured loans with a collateral laid. A homeowner with any employment status ranging from self-employed to unemployed has an equal chance of securing loans for they have a sound collateral or equity to back their needs.
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Why is secured loan a popular choice of homeowner?
-Secured loans are easily approved than an unsecured loan.
-The loan rates are minimal due to the 'no-risk factor' faced by the lender. APR or interest rate can be as low as 6% based on your circumstances. For instance, if a borrower is with bad credits your loan rate might be higher than the one with good credit.
-Any amount of damaged credits can still qualify for loans. Such loans overlooks a homeowner's CCJ, payment defaults, foreclosures etc. Gives a chance to that borrower, who is otherwise denied of loans due to adverse credits.
-In addition to this, one can even encash on his equity. Raise loan amount ranging up to 125% of one's property.
- A collateral is co-related to the loan amount. High value collateral allows a larger amount loan and a longer repayment term.
-Allows a homeowner to free up equity and raise capital to under take home improvements and further add value to the dormant equity itself.
It is precisely these benefits that have been conducive in increasing the popularity of secured loan. Today, secured loan occupies a lion share in the uk loan market.
One such competitive secured loan rate and an in depth understanding of secured loan can be gained from Secured loan advice and information
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