Secured Loans

Secured loans are a type of loan that requires you to provide assets as collateral. These could include your home, car or other property. This is often an easier way for those with no credit or who wish to build their credit history, as a viable option.

One major advantage of secured loans is that lenders are less likely to lose money if you default on your loan. Furthermore, secured loans usually feature lower interest rates than unsecured ones.

The primary drawback to a secured loan is that if you fail to make payments on time, the lender has the right to seize and sell off assets pledged as collateral in order to recoup what is owed. In some cases, repossession of these items may remain on your credit report for up to seven years.

Another disadvantage of secured homeowner loans is that they typically take longer to process than unsecured ones. The intricacies of valuing a borrower’s assets also makes the approval process more time consuming.

If you are having difficulty repaying your secured loan, speak with your lender about a possible modification. This could include changing up the repayment plan, deferring part of it or reducing how much is due each month.

Homeowner Loans Bad Credit

bad credit homeowner loans

Bad Credit Homeowner Loans – secured loans are really second charge mortgages and it is common knowledge that people with bad credit seldom qualify for mortgages or re-mortgages, but can qualify for secured loans. While it is implied that a secured loan will be available to whoever is furnishing the security, collateral or guarantor, in reality …

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Homeowner Loan

homeowner loan large detached house

There are various types of loans for homeowners and we will have a look at these in this article so as it will help you decide on the best one to go for. There are secured and unsecured loans. There are short term and long term loans. We can help you get any type of …

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Secured Loans Poor Credit

Secured Loans for Poor Credit eggington village houses

Secured Loans Poor Credit scores – even people with relatively good credit can get turned down by banks and financial institutions. This applies to secured and unsecured loans. There are many grounds on which a lender can turn down your application. It is possible that you don’t meet the credit requirement. The security or collateral you offer may …

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