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Secured loans
Over recent years an increasing number of homeowners have turned to secured loans in order to provide them with the finance that they need. The wide range of secured loans are available to homeowners. This is because these loans are secured against the property, hence the borrower must be a homeowner. There are many benefits to this type of loan, which has made them popular amongst homeowners looking to raise finance for a range of purposes.
When looking at secured loans there are a number of things that you should bear in mind. Firstly, these loans are secured on your home and therefore it is important that you are able to keep up with the repayments. Make sure that you can afford the repayments on the loan, and make sure that you get a competitive rate of interest and a suitable repayment period to help keep your monthly repayments down. This isn't always an easy task, but Loans4 has access and links to a wide range of secured loans offering very competitive interest rates and a choice of repayment periods of between 3 to 25 years, which means that you can enjoy more affordable repayments which wont strech your budget.
One of the main benefits when it comes to secured loans is the increased borrowing power available to borrowers, of between £3,000 to £250,000. The amount that you can borrow will depend on a number of factors, such as your income, financial and employment status, and your outgoings. It will also depend largely on the value of your property and the amount of other debts that may be secured against it, including your mortgage. However, secured lenders have the scope to lend far more than an unsecured lender because it is largly based on based on the property equity levels. Most unsecured lenders will not lend more than £25,000, and then only to those with a perfect credit history/rating.
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A great benefit of secured loans is that they are more accessible to those with poor credit. If you have a bad credit rating then the chances of getting an unsecured loan are slim to none. However, a secured loan gives the lender more security and this means that lenders are more likely to consider your application even if you have a bad credit rating. If you want to keep your monthly outgoings down then secured loans offer an added bonus – a choice of repayment periods (3 to 25 years), which are far longer than those available with unsecured finance (1 to 7 years). This means that you spread your loan over a longer period and get to make lower monthly repayments.
At Loans4 we can offer a choice of secured loans that are designed to suit all needs and circumstances, so as long as you are a homeowner you can benefit from great value finance, competitive interest rates to suit you, and affordable repayments that won't leave you financially struggling at the end of each month. You can find out quickly and easily whether you are eligible for a low cost secured loan, and you can be certain that your loan will prove to be value for money and highly competitive.
You can use secured loans for a wide range of purposes, and this includes carrying out home improvements, consolidating other debts, paying for special events such as a wedding, funding education, buying luxuries such as new cars, treating yourself to a fabulous holiday, and much more. Whatever you need to raise finance for you will find that secured loans are an effective, affordable, and sensible option for those with their own home.
Here at Loans4 we can find a perfect solution for your needs based on the information that you provide and your circumstances, so you can look forward to getting a great offer on a secured loan without having to worry about paying over the odds in interest and repayments.
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Latest Loan / Finance News
Seventeen year low for spending power
According to a recent report the spending power of the average household in the UK has hit its lowest level in seventeen years, with a range of soaring costs affecting spending power levels in most households. This includes bills such as energy and council tax, rising living costs such as food and petrol, and high mortgage repayments.
The reports shows that over the past six years the proportion of income that households have had to pay out on these sorts of costs has soared, leaving most with very little money to spend on themselves. This has, of course, had a dramatic knock on effect on the economy, which has suffered a significant slowdown over recent months.
The amount of disposable income that the average household now has is at its lowest level since 1991, and according to some industry officials the situation is set to get worse. This is because they expect food costs and energy prices to soar over the course of the year, which will put additional strain on household finances.
Figures from the Daily Mail's Cost of Living Index recently indicated that the average household needs to find an extra £100 each month simply to cope with all of these rises without having to make any further changes or cutbacks. The Index also showed that taking into account increased mortgage costs some households could be searching for an additional £2000 a year.
The figures have resulted in scathing attacks from the Conservative Party, which is using the information to question the competence of the Labour Party. The Shadow Chief Secretary to the Treasury stated that families were feeling far worse off financially under labour, having to cope with stagnant wages, sky high prices, and stealth taxes. The Conservative Party has also attacked the scrapping of the 10p tax rate, stating that this is placing further financial pressures on already struggling households.
Whilst the outlook for disposable income levels for the rest of the year are bleak according to the report, officials also predicted that interest rates could fall as low as 3.5%, which could help to bring more stability to millions of households.
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