|
Author: John Mussi Article source: http://www.directonlineloans.co.uk/. Used with author's permission.
Here is a useful guide to personal secured loans. A personal secured loan is the generic term for a loan. A personal secured loan is secured against your home to act as security to the lender for the money you have borrowed.
A personal secured loan is often referred to as a homeowner loan. Personal secured loans are an ideal solution for homeowners who have recently been refused a personal loan or for home owners wanting to borrow a larger loan amount.
Personal secured loans have a range of distinct benefits over other types of borrowing. Because of the lower risk to the loan provider, they pass on reduced interest rates to borrower.
However, they've got more to offer than just attractive Annual Percentage Rates. Today personal secured loans come with all sorts of flexible repayment terms that will make it easier for you to repay, so it's important to read the small print.
Clauses to keep an eye out for include: 'payment holidays' whereby you can halt repayments for an agreed period of time, and favourable redemption charges - so you won't be penalised if you want to pay the loan back early.
As a homeowner, you start out with an advantage, namely, the equity on your home. No matter what the purpose of your loan, as a homeowner, you enjoy low rates because your property is offered as collateral.
You could use your personal secured loan funds to make home improvements that would drastically improve the value of your property. Or you could use it to buy a new car or even for a vacation; there is no restriction on the purpose of your loan.
A personal secured loan is the perfect way to borrow between £5,000 and £75,000 at a low rate. Obviously the better your credit history and individual circumstances will affect the rate which is offered to you.
Personal secured loans can be spread over a much greater time frame than unsecured loans. This gives them greater flexibility. Loans secured on property can be repaid over a period of between 5 years and 25 years.
The application process is a lot longer with personal secured loans than with unsecured loans, due to the fact that your loan provider will need to value your home.
The primary advantages of a personal secured loan are that:
They offer lower interest rates. Because the loan is secured and the lender is guaranteed to recover their money in almost any circumstance the APR (the interest rate) tends to be less than with an unsecured loan.
The circumstances in which one is able to secure a loan on property are more dependent upon the equity in the property rather than past credit history and hence individuals with adverse credit histories (such as County Court Judgements and credit card defaults) are not excluded from secured lending.
A personal secured loan represents an efficient debt management tool because it is possible to spread payments to a term of up to 25 years, it is therefore possible to consolidate any existing borrowing and reduce the monthly outgoings to such an extent that considerable extra income is made available to the household budget.
The majority of personal secured loans can be arranged without fees therefore the personal secured loan often represents a cheaper lending option than a remortgage due to the fees usually associated with the remortgage product.
They are easier to be approved for.
In a typical personal secured loan, the home is used as collateral against the loan, meaning that should you be unable to maintain the loan repayments, your home will be at risk.
You may freely reprint this article provided the author's biography remains intact: About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
Is My PC Vulnerable on the Internet?
Think about this: Is a simple antivirus application enough to protect your PC against all threats?
Marketing Made Easy
The answer to most webmasters, ezine operators question is very simple. There is a simple yet effective way of marketing your products and best thing is that it...
Minimizing Homework Hassles
Teaching your child about goal setting and educational ownership will minimize your homework hassles. These tools will help your son or daughter make better de...
Take a Leap! How To Take Your Business To New Heights
How to create the business of your dreams
Bad Blogs Have Got To Go, Blogging Could Be Really Cool If Done Properly
There's a lot of blogs out there on the Web, most of which don't entice one to go back regularly to read updates. What is missing from these on-line journals th...
5 Tips For Increased Website Traffic
There are still a few good ways to help build your web traffic and still pay nothing.
Marketing Your Website Inexpensively
There are a number ways you can go about marketing your website, many of which are quite inexpensive. Effectively marketing your Home website is vital to your u...
Life Walking: Dont Walk Just For Exercise - Change Your Life
"Life walking" is more than walking for exercise and fitness objectives. It's the larger ideal of using walking to change your life.
The Evil of Carbohydrates (?)
Regardless of what some authorities suggest, it is not simple carbs that is the problem, but total consumption of calories and too many simple carbs. In fact, t...
Got Italian Charm?
What is Italian charm? The first time I heard this, I thought we were talking about smooth foreign charmers from Italy. No. It's a new charm bracelet trend!...
Increase Your Knowledge: Read-and-Reap
When you form a regular reading habit, you reap untold benefits. Unfortunately, most of us just don't seem to get around to it. So what's a professional to do...
Wholesale Real Estate Investing
Wholesale Real Estate Investing: Real Estate Investment Deals That Increase Your Net Worth!
Successful Commercial Sites
Learn basic rules how to create successful commercial sites
Get Debt Free
Yes you can get debt free. Ways to this freedom can be debt consolidation, advice from a debt counsellor, debt elimination and more. The goal is freedom of debt...
Are Resale Rights Products Profitable?
Are Resale Rights Products really profitable enough in this competitive era of internet marketing? Let's explore it and find out if it's worth your while to get...
5 Simple Steps for Serious Saving and Financial Growth
Follow these 5 easy steps for a debt free and wealthy future.
De-Materialization #2
Don't be afraid of what is possible and please don't hurt those who try and learn - they are usually more interested in helping you than hurting you.
Which Drug Addiction Treatment is the Best?
The answer is simple: there is no such thing as the best drug addiction treatment...
Introduction to Really Simple Syndication (RSS)
This article describes the benefits of creating an RSS feed, and not how to produce one, or integrate other peoples RSS feeds in to your website.
Why Restaurants Go Out of Business
Recently someone asked me why so many restaurants go out of business. I answered that too many people open a restaurant because it's their dream.
How To Find Your Dream Career
Finding your dream career can be planned out or it just falls into place almost by accident. For most, it is a combination of planning a career, but letting eve...
The Real Truth About Making Money on the Internet
Are you thinking about starting an online business? Have you already started one and you're not making the money you'd like to? If you answer yes to either of...
FHA Home Loan and FHA Home Loans
FHA home loans have basic requirements that must be met before qualifying for an FHA loan. FHA home loan requirements are standards that allow first time homebu...
The Power Source
Approximately two thousand years ago, Peter and the other apostles proclaimed the truth that is at the very heart of the lighthouse ministries. The gift and min...
|
Print this page