Secured Loans- King of All

By: Rodney Elvis

Having one's own hose is a matter of great pride. Apart from a roof above your head, a house is your most treasured possession that gives you respect in the society. Being a homeowner, is therefore, a great privilege. What more can a home give? It gives to access to raise hefty funds in the market at lowest possible interest rates. A loan secured on your house cost you the least than any other loan product in the UK loan market. It gives you other benefits as well, flexibility in repayment mode and long tenure being the major ones.

Secured loans have many advantages. Some of them are listed below:


  • Low APRs - Secured loans attract low interest rates. The presence of asset as collateral decreases the risk for the lender and so; he offers loans on far lesser interest rate than that on unsecured loans.


  • Choice between interest rates- One can choose fixed, variable or capped interest rate, in accordance to his/her own preference and after a discussion with the lender.


  • Liberty in repayment options- Secured loans fetch the borrowers many lucrative repayment options. Accelerated repayment, repayment holidays, and deferred repayments are some of them. .


  • Refund of PPI (Payment Protection Insurance) - The borrowers avail this scheme to protect their loan installments in event of illness, job loss or other unanticipated problems. Most lenders offer full refund of the PPI installments in case of secured loans.


Though other products like unsecured loans have invaded the loan market, the borrowers still rely on secured loans when it comes to huge financial needs. Calculated on the basis of equity stored in the borrower's home, secured loans are the most cost-effective and profitable borrowing options because the APR charged on them is the lowest among all loan products.

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