A Secured Loan is ideal for Homeowners who are looking to raise finance by using their home as security. Equity Equity in your property will help you obtain a Secured Loan but that doesn't mean you have to have equity to get a Secured Loan. Some Secured Loan lenders will let you use Disability Living Allowance,
Incapacity Benefit, Working Family Tax Credit as well as many other incomes to fund a loan application. Obviously a Loan Lenders APR varies depending on the personal circumstances of the applicant. This can increase the amount in total that you will pay back but customers who take a Debt Consolidation Loan generally are more interested in the reduced monthly outgoing on credit.Loan-Machine. For a Business Loan it may be a better route to contact your local Bank or Building Society. But what have you got to lose? We may surprise you by finding a loan that you didn't think you would be able to get. If you have any of these then your best route for gaining finance could well be via a Secured Loan.
An unsecured loan lender will normally only lend up to £25,000 which sometimes just isn't enough. Self Employed Self Employed people can often find it very difficult to raise finance. Poor Credit If you have poor or adverse credit then the chances you have of getting an unsecured personal loan are very slim. Secured Loans can be taken up to £100,000 with some lenders even allowing applicants to borrow more. So even if you haven't been self employed for long or you cannot prove your income via accounts then that does not mean you cannot get a loan. Low Income Although all lenders will only lend responsibly to people who can afford it, Secured Loan Lenders generally are more flexible in their criteria.
Unsecured Loans can normally only be taken over a maximum of 7 or 10 years. Poor or adverse credit can include many things, CCJ's (County Court Judgements), Defaults, Mortgage Arrears, IVA's, VAR's, Discharged Bankrupts and Missed Credit Payments. Repayment PeriodA Secured Loan can normally be taken over a longer period than that of an unsecured personal loan. Loan Machine has access to lenders that will lend finance above and beyond what your property is currently worth although to do this you generally have to have a good credit rating.Loan-Machine. This can be provided by simply gaining a written quote from someone who you are looking to have the work done by. Debt Consolidation Loan A loan that is secured on the applicants home address for the purpose of Debt Consolidation. Generally Secured Loan lenders do not raise finance for Business.