Q & A
How does a secured loan work?
A secured loan is issued to you based upon a level of security that you have provided, this security is the collateral that you will put up against your loan . This collateral can be any asset that covers the value of your loan plus charges and interest and can be home. The equity held in your home will be used by our secured loan provider should you be unable to repay your loan.
How long will the application process take?
At best-secured-loans our search is undertaken immediately and the best loan provider for you will be made available to you within minutes. Your details will be sent to your loan provider who will then contact you to start your application process. Once you have submitted the administrative documents that they need you will be given confirmation of the status of your application and details of when your loan will be available to you.
What assets can I use as collateral?
You can use any assets to use as collateral against your secured loan as long as it covers the value of your loan and the interest charges and many further charges that are added to your total payable amount. Many people use the equity in their homes as their collateral.
What if a have bad credit history?
As you are securing your loan agains t the equity in your home or ano ther asset then your loan provider will have some certainty as to them getting back the loan. Therefore some loan providers may have some flexibi lity when it comes to any credit history that you may have. It is always worth applying and in many cases a loan can be available to you.
What if I am unable to make one of my monthly repayments?
Providers can vary in their terms and conditions ands some may offer some flexibility when it comes to missing a repayment. Some may add a surcharge to your total repayable amount, on the other hand some may simply ask that you make the payment along with your next monthly instalment. Always find out the terms and conditions when you apply and make sure that you are fully aware of the penalties for late or non payment of your secured loan.