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With the rising economy and the need to live a certain comfortable lifestyle, most people find it difficult to make savings. If you still manage to buy a property like a home, it becomes a long-term asset. If owning an asset was an achievement, keeping it safe without involving it in any complications is another task in itself. Having a property or any asset can help you during times of financial distresses, and many lenders offer secured loans online in which the property or asset can be used collateral against which a loan can be availed. However, it is important to note that pledging your hard-earned property to get a loan should probably be the last resort as it is a risky option, wherein defaulting the payments could have the lender seize your property, and you will be on the losing side. So, it is not just important to analyze your situation to know if you really need to avail a secured personal loan, but also make sure that you avail it from a reputable lender, who offers cheap loans.
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Secured loans are probably one of the best possible options to avail a relatively larger amount of loan as the property will be pledged as collateral against it. Usually, the value of the property is first analyzed, and then the loan amount is decided according to that value. The secured loans are presumably the most common type of financial aid availed when you need to borrow a larger amount of money, and assets like home, car, etc. are usually pledged and placed as collateral with the lender. During an unfavorable case when the borrower fails to repay the sum that they owe to the lender, there are chances that the property placed as security may get confiscated by the lender in exchange to the due amount.
The lenders are at relatively lesser risk since there is a property for them to fall back on in case of any payment default, and so, they tend to impose considerably lesser APR when compared to the ones that are applied on the unsecured loans. Furthermore, when there is a proper asset placed as surety against a loan, the chances of having the request approved are much higher. At FleetQuid, you can get connected with plenty of lenders who offer quick loans online, especially the best secured loans UK at considerable rates, irrespective of their credit scores.
Applying for secured loans with FleetQuid is quite an easy job. All you have to do is start by submitting a completely filled-in online application form with all the required details, which will be studied by our finance team in detail. We will then pass on this loan application to a suitable lender from our vast network and they will go through all your details to perform a soft verification check in order to check your authenticity and will ask for minimum documentation in regard to the property being secured & other basic details. If they find all the information to be genuine and all the eligibility criteria satisfied, your loan request will be approved. Once approved, the funds will be transferred to your account at the earliest, and you can use the funds to overcome your financial issues. Since the secured homeowner loans usually come with longer repayment terms, they can be repaid manageably.
Representative example: £1500 loan taken over a 12-month term will have a total payback amount of £1,764.96, at an APR of 36% with a payable interest of £147.08. The loan amount does not need to be paid as a lump sum and can be repaid in instalments.
FleetQuid is not a direct lender but functions as an authorized broker who is thoroughly regulated by the FCA. We provide free services for our customers to use this website. We work by comparing the loan options from more than 40 lenders as per your requirements and will get you the most preferable options with the lowest possible APR. You can apply for a loan amount ranging from £100 - £5000. The lenders will apply considerable APR with the maximum being 36%, depending on the loan amount and other factors.