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Recent secured loan Q&A
How to compare secured loans
There are a wide range of reasons why you might consider taking out a secured loan, some of which in your are a homeowner are property improvements, paying for a wedding, a new car, or perhaps you are looking to consolidate some of your existing loans.
Is credit history important?
Basically credit history is very important when it comes to getting the best deal. If you are borrowing on a secured loan in order to provide you with the funds to do something important and you have a good credit score you can get loans that attract interest rates around 5%. This is approximately in line with many standard variable rates offered by mortgage lenders today. This interest rate indicates that you are seen as a relatively low risk borrower and so you are given the benefit of a low interest rate. Despite the lower interest rate you will have to ensure that the repayments are affordable on top of your mortgage payments and other loan committments.
View secured lenders for bad credit applicants
If you have a poor credit history you will find that you have fewer options and that you are also going to have to pay your homeowner loan back with a higher interest rate. The most competitive rates available for people with poor credit ratings come in at around 9%, but you may have to be prepared to pay up to 19% on your secured loan if you have particularly poor financial circumstances. Comparing secured loans can be relatively easy by using online calculators, but without investigating the details of each one you may not be fully aware of all of the requirements and criteria that go along with each one. Therefore although you can get an idea of available loans by searching, you will get a much more in depth understanding of your options if you choose to consult a secured loans broker.
Why use a broker?
Using a broker to find a secured homeowner loan might seem like a slightly strange idea but basically any loan you take out using your home as collateral is effectively a type of mortgage. Therefore when you are considering taking out a secured loan on your home a secured loans broker is well placed to advise you, not only on available products, but also about any potential issues that may come up through your lender. They will be able to assist you with any applications and by being involved in the process can actually increase your chances of being successful in your loan application. A broker can also help the process along, particularly if your circumstances are not standard and the application process takes longer than you thought.
What are the risks?
When you are comparing secured loans you will need to remember that any loan you take out will be secured against your home. This means that should you fail to keep up with your loan repayments, as well as your mortgage repayments, your home will be at risk of repossession. Therefore you need to take the time to make sure that you know what your mortgage repayments will be for each of the products you are considering for the interest rate that is given. This is something else that your loan broker will be able to do for you.
You will also have to consider the effects of the length of your loan term. A shorter term means you will pay off your loan sooner and you will pay less interest overall, but your payments will also be higher and so therefore more risky. Therefore to properly compare loans you have to balance the loan term with your financial situation.
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