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Could a secured loan help you to sort your finances this year?

The UK is at the center of concerns in relation to levels of consumer debt, and with so many of us trying to juggle a wide range of debts and financial commitments it is little wonder that the issue seems to be spiralling out of control.

However, in many cases the problem could be eased for the individual simply be managing the debts more effectively, and many think that one of the most affordable and manageable ways to do this is through a secured loan.

A secured loan offers many benefits such as increased borrowing power based on how much equity you have in your home, longer repayments periods allowing for more affordable repayments, and competitive interest rates.

When you take out a secured loan you can enjoy the benefits of paying off all of your troublesome, high interest credit, such as credit cards, store cards, catalogues, smaller loans, overdrafts, etc.

With a secured loan you will only have to make one repayment each month rather than deal with a range of loans, and this can make the situation easier and more manageable straight away, decreasing the risk of missing repayments and falling into bad credit.

You will also find that in many cases your monthly outgoings are dramatically cut when you take out a secured loan to pay off a range of other debts, so you will have more disposable income.

A secured loan is a loan that is secured against and asset, which is normally the home, and therefore you need to be a homeowner in order to be eligible for this type of loan.

However, as a homeowner you have a good chance of getting a secured loan even if you have bad credit, enabling you to sort out your debts and start getting your credit back on track.

Richard Smith
23rd February 2007


More Information:

  • Secured v. Unsecured Loans
    What are the differences between secured and unsecured loans? Essentially, whether or not the loan is secured by property in the event the borrower defaults on the loan.
  • What is Different about Bad Credit Loans?
    These days, banks offer a range of products and services designed to meet the needs and wants of all their customers. Many branches will have a different advisors and customer relations managers who are assigned to the different customers of the bank.
  • Risks of Bad Credit Loans
    If you are considering a loan and you have bad credit, you will be a higher risk than other loan applicants, but what steps can be done to lower this risk?
  • Information about a secured loan
    Secured loans are one of the most popular ways of borrowing money. A secured loan is backed by property of some sort that is used to guarantee payback if the person defaults on the payments.


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