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Secured Loan Broker
If you are considering taking out a Secured Loan to Consolidate Debts &/or raise money for Home Improvements, we can help you with this.
As a secured loan broker that specialises in this area we have a large panel of lenders that are happy to provide secured loans to clients that have a good or bad credit history – so enquire now to discuss your options.
What is a secured loan?
A secured loan is finance which is secured against an asset such as a property. You will find secured loans allow you to borrow higher sums of money when compared to unsecured loans. As the loan is ‘secured’ if the borrower fails to repay the loan, the asset can be seized and sold off, allowing the lender to recoup their funds.
How does a secured loan work?
As with other loan types, a secured loan sees the borrower paying money each month, incorporating the money they owe and interest. If the borrower makes these payments on time and in full, their property is not at risk.
However, if the borrower defaults on the loan, the lender has the legal right to possess the property. If they wish, they can sell your property to claim the money you owe.
Defaulting on a loan is recorded on the borrowers’ credit profile, lowering your score, and this will hamper their chances to borrow in the future.
What is a secured loan broker?
A secured loan broker is a specialist who connects borrowers with lenders who offer secured loans. The broker often has access to exclusive secured loan products that are not freely available. Also, the specialist knows the market well and can provide a borrower with tailored advice as to the most suitable loan for them.
Additionally a broker could discuss other finance routes available such as a Remortgage to help determine the most suitable option for you.
Should I use a secured loan broker?
While many people like doing things themselves, there is a lot to be said for calling on an expert’s services. A secured loan broker will help you find a loan quicker, potentially at a more attractive rate, and which is most suitable for your needs.
Each reason by itself is a valid reason to rely on a secured loan broker, but with all these benefits combined, it is easy to see why many applicants decide to rely on specialist broker help. Additionally many secured loan lenders only offer their products through brokers and clients are unable to go direct.
If you have a low credit score and require a Bad Credit Loan, it is good advice to speak with an experienced broker and take your time to fully understand the pros and cons with any loan.
What are the advantages & disadvantages of taking out a secured loan?
Some of the leading advantages of taking out a secured loan include:
- Borrowers don’t need to have a perfect credit score to arrange an affordable loan.
- The rates associated with this style of loan can be relatively affordable.
- This style of loan is commonly associated with long repayment periods to keep the repayments low.
- You can borrow larger sums of money.
Some disadvantages to consider include:
- The longer you borrow the money for, the more you will repay in interest.
- If you consolidate debt you are taking unsecured debt and placing it on your home/property.
- If you are unable to make the repayments you could lose your home/property.
How to explore your secured loan options with The Money Hub
Call The Money Hub Limited on 0203 725 5830 and speak to one of our highly specialised and dedicated Secured Loan brokers or you can complete an enquiry form which will allow you to book an appointment.
DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.
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Secured Loans FAQ’s
Secured loans go through the same underwriting process as a mortgage, for example a valuation is needed to be done on the property, affordability checks are completed and a full due diligence is completed. Generally though secured loans can be completed quicker.
Secured loans typically take between 4-6 weeks to arrange. A valuation needs to be done on the property plus your existing mortgage lender will need to provide consent for the secured loan to be placed on the property. Full underwriting and affordability checks will be completed also.
Typical documents lenders require are:
- Proof of Identity – Such as a Passport &/or Driving License.
- Last 3 Months Bank Statements – This is to confirm your outgoings and affordability of any potential loan
- Proof of Income – If you are employed this would be your last 3 month’s payslips & P60 or if you are Self employed this will be your tax calculations & tax overviews &/or your accounts.
- Lender Socumentation – such as an application form & direct debit mandate.
The lender always has the right to request additional information to complete their due diligence.
