If you are looking for a loan, you will be faced with two types – either a secured loan or unsecured loan. Secured Loans are for borrowers who want to borrow a larger amount of money at a good interest rate, and can offer a high-value asset as security against the secured loan, such as a property.
There are many different types of secured loans, and the one which is right for you is dependant on your personal circumstances as well as your financial history. Secured Loans, of any type, are a big financial commitment, so it is important that you seek expert advice.
Contact the Debt Consolidation Loans team on 0800 048 3674 for more indepth information about the type of secured loans which are available on the market, and which one you are most eligible for.
Whilst you are searching for a secured loan, you may come across a number of secured loan types, including:
Debt Consolidation Loan: This is usually used to replace unsecured debts, such as credit cards, store cards and unsecured loans. You may want a debt consolidation loan so you can benefit from a lower interest rate. Many often find their finances easier to handle if they only have to make one payment a month which covers all their debt.
Car Loans: Car loans can also be considered as a form of secured loan. If the borrower defaults on the payment to their car loan, then the lender may take away the car.
Homeowner Loans: The most popular types of secured loans are homeowner loans. As with all secured loans, they are only suitable for those who have their own house and can afford the new secured loan payments. A further advantage is that a homeowner loan can be used for any purpose.
Poor Credit Loans: Not everyone has a good credit history; indeed with these harsh economic times, more and more people are missing payments to their debt, which could result in a poor credit history. But there are these types of secured loans, known as poor credit loans, which could be more suitable for those who suffer from an adverse credit rating, although they may lent with a higher rate of interest.
DebtConsolidation.co.uk is a trading name of Ask Finance Ltd which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.