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2008-03-23 07:46:05
100% Secured Loans - Using the Equity in Your Home to Finance Your Dreams
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 What exactly is a 100% secured loan? And what can it do for you?
First off, who qualifies for a 100% secured loan? Anyone that owns a home or flat in the UK and has a job normally qualifies.
Basically a secured loan is a loan that is secured by the equity in your home. Because banks have some collateral, they are able to offer you some perks that they wouldn't be able to offer an unsecured loan applicant, such as extended repayment terms, lower interest rates and much higher borrowing power.
A 100% secured loan refers to the amount that you are able to borrow. In the case of a 100% secured loan, an applicant would take the total appraised value of their home and subtract from that the total mortgage outstanding. So let's say that your home is worth 200k pounds. If you have a 100k mortgage remaining on your home, this would mean that you could borrow up to 100k pounds (200k-100k = 100k borrowing power). By no means are you forced to borrow this much - this is simply the maximum that you can typically borrow.
What can you use a secured loan for?
There are any number of reasons, including: debt consolidation, holidays, new car purchase, home improvements, etc. Banks typically tend to favor people who are borrowing for the purpose of debt consolidation or home improvements, because in both situations the clients are bettering their financial situations (either through straightening out their finances or increasing the value of their homes).
As mentioned, the advantages of a secured loan compared to an unsecured loan include: lower interest rates (8-9% typical APR for a secured loan versus 15%+ for an unsecured loan), flexible repayment schedules (you can take up to 25 years to pay back a secured loan) and increased borrowing power, as mentioned earlier in this article.
Applying for a 100% secured loan is quick and easy. Simply click on the link below and you will be taken to our easy to use secured loan application form. Applying takes less than five minutes of your time, and you are under no obligation to take out a loan should you be accepted. Apply today!
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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