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2008-02-19 08:13:30
Bad Credit Secured Loans - Is a Homeowner Loan Still an Option with Poor Credit?
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 Let's say that you need to borrow a fairly significant sum of money. Your bills are piling up, and you have decided to take out a secured loan on your home in order to consolidate all of your debts into one simple monthly payment.
You own a home and have a decent amount of equity built up. Unfortunately, your debts are spiraling out of control and your credit history has taken a hit because of it. You have also had arrears on your mortgage a couple of times in the past calendar year, and you are worried that a secured loans lender is going to turn their noses up at you when you apply.
This is not the case. You need to understand that since you are taking out a secured loan, your loan will be guaranteed by the equity in your home. Meaning, a bank basically has no risk in lending you the money. Sure, if you were applying for an unsecured loan, then a lender might be very wary of the idea of lending you money. But since you are providing collateral for your loan, many lenders will be more than happy to overlook certain blemishes on your credit record and lend you the money that you need.
Our advice would be to be honest on your application form when you are applying for a secured loan. If you have had arrears in the past year, then say so. If you have outstanding CCJ's, then say so. If you currently have another secured loan, then say so. Just because you already have a secured loan, it doesn't mean that you can't apply for another one.
The fact that you have equity in your home or flat is the great equalizer in the equation. Because you have equity in your home and because you own a home, you are still viewed as a fairly good credit risk to the bank.
So if you are worried about your poor credit situation, don't be. What's the worst that a secured loan firm or bank could say to you when you apply? No? Trust me, there are plenty of lenders out there who are eager to do business with you, and you shouldn't be hesitant about applying.
Apply for a Lending Place secured loan today!
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Get Your Free Loan Offer Today - Click Here
There is NO FEE and you are under NO OBLIGATION!
We'll Compare over 250 loan plans and search over 90% of the loan market.
Applicants with bad credit history, Mortgage Arrears, Missed payments or CCJs are welcome.
A lot of big banks are competing for your business - Apply Today
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