Secured Loans with Bad Credit

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Secured Loans with Bad Credit

What is a secured loan for bad credit?

This is a loan that people take out which is ‘secured’ against an asset such as your home. As it is secured against an asset in the event that you are unable to pay the loan the asset could be repossessed. As the loan is ‘secured’ lenders are more willing to provide these to clients that have bad credit registered against them such as missed payments, default &/or county court judgements or if you have simply a low credit score.


Why do people take out a secured loans?

Bad credit secured loans are taken out for many reasons such as:

  • Home Improvements - Maybe you need to carry out home improvements such as new kitchen, bathroom and /or new window’s or on a larger scale perhaps you want to do a loft conversion or an extension.
  • Debt Consolidation - If you are struggling to keep up with your current debts and have missed some payments, maybe a bad credit secured loan would be an option where you can consolidate your debt into one monthly payment with a lower interest rate.
  • Buy a Car - May be you need a new car as the family is getting larger and your existing car is no longer suitable or reliable enough.
  • Raise a Deposit - May be you want to buy a property with the intension to rent it out long term as an investment and you need to raise a deposit alongside a Buy to let mortgage or perhaps you wish to help out your children with a deposit so they can get on the property ladder.
  • Pay Tax Bill - Maybe you have an outstanding tax liability which needs to be paid.
  • Invest in your Business - May be you want to invest and expend your business by purchasing assets such as a new office or machinery.

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THE ACTUAL RATE AVAILIABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION.

LOANS MAY BE SECURED ON YOUR HOME. YOU WILL HAVE TO PAY EARLY REDEMPTION CHARGES THIS WILL VARY. A VARIABLE RATE LOAN MAY GO UP OR DOWN IN LINE WITH THE BANK OF ENGLAND BASE RATE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEY ADVICE SERVICE.

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Loan FAQ's

Are Secured loans a good idea?
This all depends upon your circumstances. You should speak to a mortgage or loan adviser for advice to help you explore all the borrowing options you have available - only then you can judge whether a secured loan is a good idea for you.
Are secured loans easier to get compared to a mortgage?
Although secured loans complete generally quicker than a remortgage the underwriting process is very similar, i.e. need to value the property, need proof of identity, need proof of income and ascertain the loan is affordable etc.
What credit score is needed for a secured loan?
Most secured loan lenders do not have a credit score threshold that you need to pass. They will review your credit report to assess your credit worthiness.
Secured Loans with Bad Credit

Product Name: Loans

Product Description: Secured Loans with Bad Credit

  • Rating
5

Kavita

Gary has been great from the start, very professional and friendly. this was my first commercial finance and he answered all of my questions no matter how small & explained everything very well, for me to understand the whole process. I would definitely recommend TMH & if needed use their services again.