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Secured
Loans |
A
secured loan
is a loan that is secured against property - for homeowners. This
means that it is lower risk and therefore a more competitive rate
of interest is offered and that the person taking out the loan uses
their home as collateral. Secured
loans are on average available for amounts between £5,000
and £500,000 and payable over anything from 3 to 25 years depending
on the monthly repayment amount. A lump sum will be loaned in return
for you agreeing to make regular repayments. This interest charge
on a loan is expressed as an 5.7%APR (annual percentage rate). The APRs
will vary dependent upon the amount of the loan and sometimes the
term as well. Usually the rate is fixed on your loan repayments and
will remain the same throughout the period of the loan. These tend
to be generally at a lower rate than unsecured
loans because of the collateral against the loan. There
is absolutely no obligation and we strive to give you a decision within
24 hours.
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