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Secured Loans - What is a Secured Loan & Who Are The Best Secured Loan Companies - Apply for a Secured Loan

Information on Secured Loans
A secured loan involves the lender taking security against personal belongings or property in order to lend you the money. The benefit of a secured loan is that is can often work out cheaper than an unsecured loan because the lender knows if you default they at least still have a financial interest in the items or property they have taken security over.

Typically a secured loan is normally given to homeowners looking for a fairly large loan that would not normally be obtainable on an unsecured basis. Security would generally then be taken in the form of a partial charge over your property. A partial charge allows the lender financial rights over your property up to the charge amount. So normally if your house is worth £200,000 and you are applying for a secured loan for £25,000, then the charge will only go up to the amount you are borrowing. This means that whilst you of course do not want to default and have the lender need to action their charge, if they did then they are only able to reclaim up to the amount you have agreed.

If you are considering a secured loan you should seek independent financial advice to be sure a secured loan is the right loan for you. Your financial advisor should be able to help you further.

Can I Get a Secured Loan as a Tenant / Non-Homeowner?
Secured loans are normally only available to homeowners with equity and those with sufficient assets for the lender to be able to take a charge over. If you are not currently a homeowner you may wish to consider an unsecured loan as an alternative – you may not be able to secure such a large amount for your loan due to the nature of the loan being unsecured against any property, however you may find that if you are a strong enough credit that some lenders may be able to still assist you with your requirements without any security being necessary.

Some secured loan providers will consider taking security in the form of other assets, such as vehicles and expensive items of jewellery, however these type of secured loan providers are often found at the lower end of the market and typically look to deal with those customer who are not very good credits, therefore the costs of their secured loans can prove quite expensive alternatives.

So make sure you do your research and check out all the secured loan offers available to you before making your final decision over which secured loan you are going to apply for. Trying visiting some of the top secured loan providers listed above and discuss your requirements to see if they meet the needs for your secured loan.

 
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