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2008-03-13 03:34:00
Automatic Secured Loans: Do They Exist?
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 Is there such a thing as a secured loan for which you can be approved automatically?
The answer is both yes and no.
Yes, you can be approved automatically on a conditional basis. Meaning, you fill out your application and assuming that all of the information is fully completed and correct, the secured loan firm will conditionally approve you.
However, until you actually send in your paperwork (the secured loan firm will mail this out to you), the secured loan will not be officially approved. The firms obviously have to verify that what you included in your application is correct, and that you are employed where you say that you are employed and that you own what you say you own.
However, if you fill out the application to the best of your ability and you own a home in the United Kingdom, then you are likely to be approved. It can take up to a couple of weeks to actually complete all of the paperwork and receive the funds in your bank account. Some people think that you will somehow be able to receive the funds within a couple of days. This is not the case for a secured loan.
Secured loans can be used for a wide variety of different purposes, including debt consolidation, home renovations and new vehicle purchases. With a secured loan, you can usually take up to 25 years to pay back the loan, which is a much longer repayment term if you compare it to an unsecured loan.
Who is eligible to apply for a secured loan?
You need to own a home or flat in the United Kingdom.
You need to be employed (self-employed is OK).
You need to be at least 19 years of age.
You may think that just because you have a blemish or two on your credit history that you would be unable to obtain a secured loan. This is not the case. Even if you have CCJ's, arrears or just plain bad credit, you will still be able to obtain a secured loan. The fact that you own a home is the great equalizer, as it gives the secured loan firm some collateral.
Click here to apply for a secured loan today!
Apply for a Lending Place secured loan today!
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