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Guaranteed Installment Loans For Bad Credit Secured Loans - The Basics

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29-Aug-2019 11:23 PM

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Secured Loans are a type of payday lenders for bad credit where you can borrow money using the available equity in your property, the lender secures a charge against your home in return for advancing you the money and by doing so has the security that if your fail to meet the repayments on the loan they can repossess your home and sell it to recuperate their money.

But don't let this scare you, the set up is very similar to a mortgage, so as long as you don't miss any payments your home will not be at risk.

So you want to raise some cash, lets say to buy a new car and pay off some other debts you have.

To be able to raise the money by way of a secured loan you must have the equity in your home to not only cover the loan, but also to meet the lenders requirements for how much equity is left in your property after you take out the loan. Most lenders require you to have at least 10% equity remaining in your property after the loan has been taken in account, and to justify this, all lenders will require you to have a valuation carried out by a surveyor to confirm the true market value of your home, so that the lender is not putting themselves at risk.

Providing that you have the equity in your home to apply for a secured loan, the lender will then require your personal details including employment history, income and credit file, to assess whether you would be eligible for the loan you are asking for.

If you satisfy all the lenders requirements in the application and pass the credit checks, the lender will offer you thelooking for a payday loan with bad credit. If you decide to take the loan out once it has been agreed, the lenders solicitors will register a second charge against your property to show that they have the security over your equity for the value of the loan until it is repaid.

Nowadays the best way to apply for a secured loan is online, and this can be done quickly and easily by visiting any of the major search engines and searching for UK secured loans. You will find many loan companies offering you great deals on secured loans, but shop around, don't just go with the first company you see. Make sure you do your home work, research the market and get some comparative quotes from a selection of lenders before applying.

If you are still unsure then it would be advisable to speak to a qualified secured loan broker who can search the market on your behalf for the best secure loan deals that suit your needs. A good secured loan broker will have access to the whole securedguarenteed approved loan market, or at least a large selection of UK secured loans, they should be FSA or FISA registered and be able to give you quotes on line or have access to a direct line that you can call to speak to one of their advisers.

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