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Detailed information about secured second charge loans is available on this website or you can talk to an adviser, without obligation, on 01902 585020.
Personal secured loans
It is not unusual for people to become confused by the term “personal secured loans”. In the case of secured loans, the loan is taken out personally, rather than in the name of a business, but will usually require the involvement/consent of other owners of the property which is being offered as security. This security is normally the borrowers’ main residence although loans can be secured on personally owned investment properties such as a house which is being rented out.
A personal unsecured loan relies solely on the creditworthiness of the applicant and their ability to afford their loan commitments. With a secured personal loan, the lenders are offered additional security for the loan and therefore are prepared to look at higher levels of risk which can mean lower interest rates and making loans available which would not be granted on an unsecured basis. Secured lenders can also take in to consideration the income of the other owners of the property or of any spouse which may help satisfy the affordability question.
Secured loans tend to benefit homeowners wishing to borrow larger amounts or those who need a lender to be more flexible and accommodating than the high street banks. Below are some links which may help you find the right loan for you:
Usually the banks will say no and unsecured loans are impossibly expensive. A debt consolidation loan can help pay off expensive short term credit and rebuild your credit profile. Often borrowers take the loan over a longer term (up to 25 years) to keep the repayments as low as possible whilst they gain control of their credit with a view to refinancing at lower rates in the future. We even have lenders which will pay off bankruptcy orders, debt management plans and Individual Voluntary Agreement’s.
Self employed / sole traders / company owners
If your bank has said no, a secured loan may be the answer to help with business expansion, cash flow or paying unanticipated tax bills. If you only need the money for a short period of time, you can also consider bridging and short term loans to give you the cash you need now but make sure you have a solid plan to repay the loan soon.
Borrowers with limited income
Banks and building societies have very rigid rules. Our lenders are more flexible and willing to listen. We have specialist plans for self employed, high earners, people on benefits and much more. We will look at each application on its merits to find lenders who may help you.
Whether the loan is for home improvements, a property deposit, £10,000 or £2,500,000, there are lenders looking to lend. Talk to Promise on 01902 585020.