Secured Loans-easy and Cheap Extra Cash

By: Jennifer Morva
Many a times you find yourself caught in a financial crisis when some quick extra money is needed. In this situation taking loan is the only option left but you may worry about the interest to be paid in order to avail loans. Don't be so worried if you have some property to keep as collateral. Secured loans are the cheapest loan available in financial world with a little interest. These loans are best suited for people who have a good paid job and have their own property.

Some facts:

Secured loans are approved by keeping some of your property as collateral. Firstly market value of your property is evaluated and loan amount proportional to this collateral is granted which is about 125% the value of collateral. In order to avail secured loans you have to fulfill some prerequisites:

a) You must be a citizen of U.K.

b) You must be above 18 years of age.

c) Property to be kept as collateral must be on your name.

These loans are also available for bad creditors and they can apply for it without any hesitation. The loan amount varies from ?25000 t0 ?1, 00,000 with repayment period of 5 to 25 years. Also these loans can be used for any purpose such as for paying any bills, going on a holiday, purchasing car etc.

One of the issues of concern is timely repayment. As a security is kept; you always have a risk of loosing your collateral in case of failure in repayment. The lender has right to take over the collateral in case of default payment. So you must be very punctual in repayment and should plan your budget accordingly. Failing to keep up with repayments can be a bad omen for future financial prospects.

Secured Loans
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