Many of borrowers may prefer counting the pitfalls to pointing out the several benefits of Secured way of loaning. It is true, if you have availed a secured loan, and fall short of paying the loan amount back on time, you may lose the property which you have put as collateral. Despite many people think of it being not a safe way of borrowing, secured loans in UK are believed to be one of the most popular loans. Endowed with several of advantages, this loan is best suited for those who are too sure of returning the loan amount on time, and want loan at low interest rate.
For people, who still waver with thoughts whether they should avail secured loan, we can end up discussing some of its features. Compare to other popular loans in UK, secured loans offer you loan amount at much lower interest rate. Most probably, the loan rates will vary from 4.50% to 17%. If you have got good credit history, you will be given the loan amount at much lower rate. And lenders with poor credit history will be charged a bit higher interest rate.
The other significant benefits that you can avail through this loan are higher loan amount, longer repayment period, and smaller monthly installments. Presence of collateral security allows you getting a loan easily even when the amount is larger. Loan amount may range between £3,000 and £50,000, and repayment period would usually be from 3 to 25 years. The longer repayment period allows you to pay the entire amount in smaller monthly installments.
The loan amount availed under secured loans can be used for any purpose; be it home improvement, holiday trip, medical bills or education fees. For lenders who have their home or any other valuable asset to put as collateral, availing this loan is the best option to fulfill all their financial aspiration.
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