As the name suggests, secured loans are offered against collateral security. Thus, a secured loan enable a person to arrange capital against the equity present in some valuable asset (such as home) owned by the person. The collateral you place plays a crucial role in the decision-making process of the lender regarding the loan amount to be approved. You can get a large sum of money if the lender is convinced that the collateral put forth is worth the loan amount requested by the potential borrower. Depending on the value of collateral offered, a person can borrow money ranging from £3,000 to £50,000. The repayment period usually varies between 3-25 years. A borrower may be charged a prepayment penalty if he/she repays the loan before the agreed loan term.
Secured personal loans enable a person to borrow a large sum of money and use it for any personal purpose. Approval for a substantial loan amount is possible as the loan amount is backed by a suitable collateral. Presence of collateral also allows the lender to offer the benefit of a considerably low interest rate to the borrower.
How Much Time Taken By Loan Process ?
Usually, secured loan processing takes a longer time than unsecured loan processing due to the additional step of collateral value evaluation. And the processing time is further extended if a person puts forth his/her home as the collateral. However, a few measures taken by the borrower can help to speed up the evaluation process. The potential borrower should ensure that The home or the property put forth as the collateral should have a proper legal claim and clear titles.
Your financial credibility plays an important role during loan processing. So, get the following proofs ready when you decide to apply for a secured personal loans:
· bank account details
· debt repayment history
· previous debt details
· credit card statements
Apply Online now !!
Applying online for secured personal loan also enables to receive a secured loan fast. You can shop around for the fastest lender in the market by comparing their offers online with just a few mouse clicks. There are many lending companies that have their Websites on the Internet that enable people to apply for a secured loan online. You can send your loan request by filling up an online form. Make sure that you furnish correct and accurate information to avoid unnecessary delay in loan processing. This will also help you to get a prompt call back from the lender.
The lender will offer you various deals of secured loans from which you can choose that one that suits your financial and personal requirements the most.
How Much Time Taken By Loan Process ?
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