What is a secured loan?
Secured loans allow you to borrow money using your home as security or collateral. The lender can then sell your property if you fail to keep up repayments as a way of getting their money back.
Secured loans are a common option for people who need a larger, long term loan (over 5 years). They allow you to borrow more money at a lower interest rate because they are secured against your home.
How does a secured loan work?
Like other types of loan, a secured loan has set monthly repayments to pay back what you owe plus any interest. Interest rates can be fixed or variable depending on the loan you have chosen.
What is the difference between a secured loan and an unsecured loan?
An unsecured or personal loan is not attached to your home or any other asset. The lack of any collateral for lenders to claim if repayments cannot be made means these loans are considered high risk for the lender. For that reason lenders normally require a good credit score to reassure the lender before they approve the loan.
Similar to a secured loan there are certain payment terms agreed including an interest rate and the repayment term.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Secured Loans are by referral only.
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May 31, 2022
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May 16, 2022
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May 16, 2022
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