A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
Secured loans [buy]
Why choose Smartlandlord®?
- Quick and easy to apply
- Fast decision
- Helpful and professional service
- A wide panel of lenders to choose from
- Maximum borrowing £100,000*
- Your property as security
- No initial costs
- Typical interest rates from 9.7% to 19.8%
- Option of insurance protection policies to safeguard your home**
Smartlandlord offers this service through Broker-Support. Download to read the terms and conditions of this service
* Including fees
** Your home may be repossessed if you do not keep up with your loan repayment instalments
Q. What are Secured Loans?
A. A Secured Loan is a loan where the borrowers' property is required as collateral.
Q. What are the differences between Unsecured and Secured Loans?
A. An Unsecured Loan is not connected to any specific piece of property, whereas a Secured Loan requires security.
Q. What are the risks of taking out a Secured Loan?
A. The main danger of a Secured Loan is not keeping up with your payments and losing your home. However, if you will normally be given the option of repaying in instalments and your home will not be at risk.
Q. When would I need a Secure Loan?
A. Homeowners can use Secured Loans for a variety of reasons, such as debt consolidation and home improvements.
Q. How is interest charged?
A. Interest is charged on the amount you borrow and is set on an individual basis. A typical APR will be quoted as a guide.
Q. Can I apply for a Secured Loan if I have CCJs?
A. Yes. Secured Loans are available to all homeowners irrespective of credit history.
Financial Services Authority http://www.fsa.gov.uk/
Financial Ombudsman http://www.financial-ombudsman.org.uk/
Tips and advice
Dos and Don'ts
- Read the terms and conditions of your credit agreement
- Consider to safeguard against unemployment, accident or loss of income
- Remember that most lenders charge a penalty for early repayment of Secured Loans
- Sign an agreement without reading it carefully
- Take loans on a high APR unless you can pay back the capital in a short period of time
- Apply in too many places as each credit check will adversely impact your credit history
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