Secured Loans: Get Flexible Repayment Terms

By: Adam Jaylin

With soaring property prices, borrowing a loan amount on your home can be a wise move. If you are planning to do a major renovation work or want to meet the huge expenses of a wedding ceremony then secured loan can help you in this regard.

The lenders can offer you a loan amount up to 125 percent of the equity present in your home. Loan seekers can borrow a loan amount from ? 5000 to ? 250000 depending upon the equity in your home. The repayment term is flexible with this loan type and you can get a longer time period to repay the loan amount. The APRs (Annual percentage Rates) on your loan depends upon your credit score. People having a good credit score can easily seek a loan on competitive interest rates.

People with poor credit records can also seek a secured loan, if they fulfil the desired loan criteria of the lenders. People with County Court Judgements, missed payments, defaults or bankruptcies can be considered to have a bad credit history. You can also get a chance to improve your credit score as well.

Since the repayment term is longer in the case of a secured loan, the lenders prefer to offer a loan on variable rate of interest. With a variable rate, the interest rates can go up and down according to the base rates by the Bank of England. The base rates keeps on changing in order to keep the inflation under control.

It is advisable to conduct a proper research work in the loan market, if you are looking for a deal. You need to compare the loans with different lending institutions like high-street banks, building societies and the private lenders across the UK. The stiff competition among the private lenders can help you in seeking a loan at competitive interest rates.

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