SECURED LOANS

Between £250 - £15,000.

A secured loan is a loan which is secured against your home or other assets.

A secured loan will generally have the lowest APR rate available, and offers much higher amounts of money available.

On the other hand, if you are unable to meet loan repayments then your home may be repossessed.

Think very carefully before committing to secured loan.

With a secured loan you must always be aware that it is the right loan for you as failure to meet monthly repayments could result in the loss of your home and other assets perhaps. It is critical that you can make sure you can afford the monthly repayments.

There is a wide choice of secured loan lenders on the market today so it is vital that you shop around for a loan that suits you, Welcome Loans UK does not deal with secured loan applications however we can certainly point you in the direction of a good reputable secured loan lender.

Generally if you take out a secured loan you will have access to a much larger amount of money as compared to an unsecured loan. Secured loans can vary from £1000 to over £100,000 so you must be comfortable with the amount you wish to borrow, however the amount you wish to borrow shall depend on several factors such as your credit history, income, monthly outgoings and also the equity in your home.

To work out the equity of your house you can subtract any mortgage or loan repayments outstanding to the current market value of your house.

A big disadvantage with taking out a secured loan is that the loan repayments can span over 20 or 30 years so you will be in debt for a very long period of time, however this can reduce monthly repayments as the loan term is longer.

The other big disadvantage is the loan being secured against your home. Before committing yourself to a secured loan always weigh up your options and consider if it is the best choice for you, consider the amount you want, the monthly repayments that you could comfortably pay back and your credit history.

If you have a bad or adverse credit history then you could struggle to get an unsecured loan so you may be obliged by the lender to consider a secured loan, be very sure before you commit yourself.

Finally, on your secured loan agreement always check the small print so the lender can’t hit you with any unexpected surprises or clauses a couple of years from when the loan was taken out.

Secured Loans - general information.

Welcome Loans UK do not deal with secured loan applications.
With a secured loan you can borrow a lot more as compared to an unsecured loan but you will be in debt for a much longer period of time.

Be very sure you can afford to pay back the loan as your home could be repossessed.

If you have a bad credit history with CCJ’s and defaults then we would advise you to consider an unsecured loan. Welcome Loans UK can arrange unsecured loans from £250 to £15,000.

Apply today for a quick decision!