If you are a homeowner with equity in your property you may be eligible for a secured loan also known as a homeowner loan.
A secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances. The amount that can be borrowed, the term available and the Annual Percentage Rate (APR) will depend on:
You need to think very carefully about how you manage a secured loan. If you default on the loan you risk losing your home.
Secured loans allow you to borrow more and repay over a longer period than a personal loan - up to 25 years. They can normally be used for almost any purpose and as the lender has the benefit of security they can be offered to people who may be excluded from other loans. Borrowers who are self-employed, have recently changed jobs or have previous credit problems will be considered for a secured loan. They are also useful for borrowing larger sums or where the applicant requires a longer repayment period.
To discuss whether or not a secured loan would be best for you please contact us. Wherever possible we will contact you back to discuss our secured loan rates.
Conditions apply. Please note that repaying debt over an extended period may increase the total amount of debt to be repaid. Transferring debts to a financial management plan will affect your ability to obtain credit in the short term. Your ability to obtain credit may also be affected in the medium to long term. Dissolve Debt Ltd are fee charging financial management consultants licensed under the Consumer Credit Act 1974, Number: 563918
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