Are you looking to borrow £20,000 and you are a homeowner?
We have a large panel of specialist lenders that can help if you are Employed or Self Employed or maybe you have a low credit score or a bad credit history – we have lenders that can help.
Given the current economic climate, for many people having a large sum of money in savings for situations such as home improvements is not realistic. Consequently, when the time comes for home improvements, such as new windows, bathrooms, kitchens or even extensions, the required amount of money is not always easily accessible. As a result, many homeowners turn to loans to support such work.
Ultimately, home improvements such as this can add value to a property and are a worthwhile investment for any homeowner, however securing the funds to undertake them can sometimes be challenging.
A £20,000 secured loan can help turn these dreams into a reality – however as with any credit application individuals need to be sure that they can afford the repayments and not allow themselves to get in arrears. Additionally, as £20,000 is a substantial amount of money, it may be difficult to obtain credit for those who have a poor credit rating or less than excellent credit history. This is why it is important to work with an expert, for example The Money Hub, when exploring whether you want to apply for at £20,000 secured loan.
Why chose an Secured Loan?
When searching for credit there are a multitude of different products and credit options which are available from lenders and high street banks. Obtaining a £20,000 secured loan could seem like a bit of a minefield if you don’t know what you’re looking for. However, before you start the process of applying for a loan it’s vital to understand the difference between a secured and an unsecured loan.
Each individual has completely different circumstances, and lenders will look closely at your affordability when you go to apply for a loan. With unsecured loans, no assets or collateral are required to be accepted for the loan, however with secured loans assets (usually your home) are required and will be used to recoup the costs of the loan if you are ever unable to make the payments. Therefore, individuals looking for a £20,000 secured loan need to think carefully about their financial circumstances and understand what is at risk if they fall behind on payments in the future.
As a result £20,000 secured loan isn’t the right option for everyone, and could cost more in the long run if your financial circumstances changed in the future. For homeowners looking for a £20,000 secured loan, lenders will look for a large amount of equity in your property. We always recommend to speak to an expert who can help you find a loan which suits your unique needs.
Working with experts to find the right £20,000 secured loans?
Working with the experts at The Money Hub can support you to find the right £20,000 secured loan which is affordable for your individual circumstances.
Lenders will look at a wide variety of factors when considering an application for a secured loan, including your credit rating and if you have any County Court Judgements or other negative factors on your credit file. If you have had credit issues in the past, then it’s all the more important to seek the advice of the expert team at The Money Hub. This can help ensure the best possible chance of getting your £20,000 secured loan.