Are you searching for the cheapest secured loans? Consumers can apply for a cheap loan from our best secured loan lenders and get a low rate of interest.
Apply for a cheap unsecured loan from our list of loan providers. Consumers can borrow much larger amount of money with secured loans; up to £100,000. Successful applicants will need to be a homeowner as you will need to put your property up as collateral. Pick the lowest interest rates from our list of lenders and then use our secured loan calculator to work out the total cost of the loan. With any loan of this nature, make sure you can afford the monthly repayments before signing the loan agreement. Consumers will now be able to find the cheapest secured loans.
What is a secured loan?
Secured loans are larger loans were the consumer has to give their home as collateral; it secures the total amount borrowed against their home. So you have to be a homeowner to successfully apply for a secured loan. Lenders need to know that they can get there money back if the consumer defaults on the loan, and for larger loans like this the biggest asset most homeowners have is there home.
How much can I borrow?
Consumers can borrow much more money than you can with an unsecured loan. Secured loans offer from between £5,000 and £100,000.
What interest rate can I expect to get?
The level of interest rate is usually much lower because the loan lender can sell the consumers home if they default on paying back the money. It should much lower than with an unsecured loan because you are putting your home up as collateral.
Is a secured loan the right type of loan for you?
The big question with a secured loan is. Do you want to put your home at risk for borrow some extra money. You might need the money for a big home improvement project where you need to build and extend your property. There are a whole host of reasons to apply for a secured loan, but make sure that you can afford the monthly repayments.
Will your credit score affect your loan application?
Yes, like most type of loans apart from payday loans, your credit history is taken into account, and if you have a high credit rating you should be able to get a secured loan no problem at the advertised rate of interest. If you have a poor credit score then might struggle getting accepted with some lenders. However, there are other lenders that offer bad credit secured loans, but you will have to pay a higher interest rate.