Low Rate unsecured loan

homeowner loan

Everybody has to manage money, be it the weekly shop or a multi-million pound contract at work. Most people have some form of debt, accrued through either planned or unexpected spending. It can be a difficult task to manage multiple debts with several credit suppliers, ensuring that payments are made on time to avoid penalty charges.

There are two main types of loan, secured and unsecured. A secured loan is when the lender is given a legal right to an asset belonging to the borrower, so that in the case of a default on payment, the lender can repossess the asset and recover their costs from its subsequent sale. An unsecured loan differs in that no asset security is required; loan limits are based on the individual’s credit history and ability to meet the proposed repayment schedule.

The total personal debt in the UK at the end of June 2007 was 1,345 billion GBP. Debts that are spread on credit cards, store cards, bank overdrafts or personal loans can be consolidated into a homeowner loan, allowing you to the spread the repayment schedule over a longer period according to your individual circumstances.

A homeowner loan differs from other forms of loan as it secures the debt against the value of the owners’ property. This often results in a homeowner managing to obtain a larger loan then they would be able to through an unsecured method. This can be useful to pay off other debts and consolidate them in one long term payment plan or to borrow additional funds for other projects.

Many people dream of having more space and moving to a larger home and with demand exceeding supply of properties, house prices have hit new highs and the rise is expected to continue. Some owners are exploring new ways of getting more space by considering the option to extend their current home. By securing finance with a homeowner loan you could build an extension to your existing home, making financial savings by avoiding having to pay expensive estate agency fees, stamp duty or removal costs as incurred when moving properties.

During 2006 there were over 2.3 million new cars registered in the UK. As a viable means of commuting and transporting the family, cars are common place throughout society today, but they are a major financial cost, often second only to a mortgage. Many buy a new car by taking an unsecured loan to pay for their purchase, however a homeowner loan could prove to be a more financially viable option.

Whatever your motivation, if you own your home you will have the option of getting a homeowner loan which may save you money in comparison to unsecured loans. It doesn’t cost anything to investigate, so find out if a homeowner loan could help you to improve your financial circumstances.



Repossession
Categories : homeowner loan
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secured loan

I’m thinking of getting a loan but then the question comes up as to whether I want a secured or unsecured loan? WHats the difference and which ine is more advisable to take?

Repossession
Categories : secured loan
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unsecured loan

I have been trying to find a good place to get an unsecured loan to help pay off high limit credit cards.

Quick Property Sale
Categories : unsecured loan
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cheap loan

Maybe i can take two loans. We want start business.

Quick Property Sale
Categories : cheap loan
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unsecured loan

I’m in need of a $25000.00 unsecured loan to help me reduce some debt.

Rent Back Fast
Categories : unsecured loan
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unsecured loan

Where can I get an unsecured loan in Britain if I have a bad credit rating?

Real Estate Professionals
Categories : unsecured loan
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cheap loan

Is it possible that tenants can be offered loans at cheap rate of interest? Well, at the first sight it does not seem convincing enough. This is because tenants carry certain risks for the lenders. Even if a tenant has good credit history, he or she carries the risks. Why is it so? This is so mainly because such borrowers do not own a valued property for putting it at stake to borrow the money. However, in the present scenario of the loan market place, if the borrower can meet some conditions of the loan providers, Cheap Loans For Tenant can be cited.

When we talk of the cheap loans, it is the rate of interest and overall cost of availing the loan that matters the most. The rate of interest is usually higher for tenants, as they borrow money without pledging anything for collateral. They have to borrow money under an unsecured loan, which is of higher interest rate. However, the tenants can find some offers of loans that are being given at comparatively lower rate of interest to the borrowers, who have an excellent or good credit record.

In case of the tenant having a blemished credit rating because of late payments, defaults, arrears and CCJs, then the rate will be higher. Still, they can find the loan at competitive rates once they have applied for the rate quotes and compared many such loans. It is prudent to first make some improvements in your credit rating by paying off some debts for few months regularly.

Another way to cheap loans is to convince the lenders that there are no risks in offering a loan to you. A convincing and assuring repayment plan of the loan can be a good tool of getting a reduced interest rate on the borrowed amount. You should also look for a loan that has fewer additional fee charges of the lender. Such a loan is less burdensome to return, making it cheap.

You should take advantage of a tough competition in the market place. Since the lenders want to win you as potential customer, they can offer you cheap loans for tenant, once you have convinced them over timely repayment of the loan.



Real Estate Professionals
Categories : cheap loan
Comments (0)
May
24

How exactly does a secured loan work?

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secured loan

If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan?
No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?

Repossession
Categories : secured loan
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personal loan

 

Many people believe that they have no possibility to get a personal loan if they have bad credit, there’s good news for you. People can be eligible for personal loans, even shortly after declaring bankruptcy. The terms offered to people with bad credit are generally much less attractive than to those offered with good credit, but in many situations, these loans are still your best financial alternative. A personal loan for bad credit can also give you the influx of money you need to satisfy creditors, and begin restoring your credit history.

There are two types of personal loans for bad credit; secured and unsecured loans. Even if you have bad credit, if you have a significant asset (house car etc.) that you are willing to place as collateral against the loan (secured loan) then you should have no difficulty qualifying for a loan. A secured personal loan is much easier to get, as the lending institution will have access to your collateral if you should default, and as such their perceived risk is much less. You may still pay slightly higher interest rates than someone with good credit, but if you can offer a significant asset as collateral, then you should be eligible for such loan. If you offer your house as collateral, and default on the loan, then you will likely lose your most significant asset, your home.

The other type of personal loan for bad credit is an unsecured loan, and these loans are based primarily on the strength of your credit score. The market is very competitive, and is currently tilted quite in favor of the borrower. As such, there are some lending institutions that have expanded into different niche markets, and one of these niche markets is bad credit loan provision. There are companies that specialize in the issuance of bad credit loans, and through one of these, you may be eligible for a personal loan, even with a poor credit history.

Even with bad credit you likely have a great deal of selection, and you should make a thoughtful comparison of the terms, fees and interest rates on all the different loans available to you.



Real Estate Professionals
Categories : personal loan
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Aug
18

Secured Loans Work Out Cheaper

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secured loan

According to MoneyExpert.com borrowers can cut their monthly repayments on loans if they choose products which are secured against their home, as opposed to just borrowing on unsecured terms.

According to the financial expert the average lender would charge 8.44% on an unsecured loan of £15,000. However a secured loan compared positively with a rate of 5.9%, 2.5% lower than unsecured borrowing.

Chief executive of MoneyExpert.com, Sean Gardner, thinks that these findings could have a major affect on the way the British public view secured lending. Amid the credit crunch it seems banks and lenders are more willing to offer competitive deals to people who offer them a security that they will get their money back, one way or another.

Gardner said: “Historically secured loans were seen as something of a product of last resort. But these days they are far more attractive to homeowners who are looking for a competitive rate of interest.

“The best secured loan deals are actually cheaper than the average unsecured loan.”

The increasingly favourable terms given by providers to people who want secured loans has seen an increase of 85% in applications for secured loans on MoneyExpert’s website. This is promising news for lenders, advisers and secured loan leads companies.

These results from MoneyExpert come while the trend in the market seems to be shifting away from unsecured loans and towards secured ones, which offer more promising interest rates and keeps costs to a minimum.

Gardner went on to say: “It’s fair to say that the majority of secured loan customers are those who cannot get an unsecured loan. Many are looking to consolidate debts and perhaps they have a poor credit record. But that is not to say that a secured loan is inherently bad – home loans can be a lifeline for the applicant, but they should be taken on with a degree of caution.

“One thing to be cautious of is lender or broker fees. Some of the headline interest rates may not include fees which would normally not apply on an unsecured loan. That said, even with a fee the lower rates available on homeowner loans make them worthy of serious consideration.”

Even the best unsecured loan deals available on the market are only slightly better than the leading secured loans. The cheapest unsecured loan available on the market at the moment is 5.54%, this is only for a loan of £1,000 though and can be found through Zopa.

Broker SLS thinks that lenders should be taking the opportunities the current popularity of the secured loan market is offering them. It is low risk lending, SLS is calling for more lenders to view the secured loans market as a long-term business possibility, the company also thinks that sustainable models should be developed and companies should enlist the help of intermediaries and preferred partners.

SLS’s managing director, David Burrows, said: “It appears to me that lending in the UK seems to go from one extreme to the other. Yesterday we were able to cater for virtually anybody, but today we can cater for virtually nobody. Surely we must be able to find a happy medium?”

Burrows thinks the way to a better collaboration, is for better relationships to be forged between brokers and lenders. It seems that the credit crunch has presented opportunities for both consumers and lenders to get a better deal. For interest rates and keeping it as cheap as possible it is advisable for customers to take our secured loans rather than unsecured borrowing. It is advisable to lenders to grab the opportunities offered to them.



Rent Back
Categories : secured loan
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