Advantages of a Secured Loan

A secured personal loan is any loan that is secured against an asset. In most cases this would be against a property, meaning that should you be unable to repay the loan the lender can seize the asset to cover the cost. Homeowner loans and second charge mortgages.

There are a few main advantages to applying for a secured loan:

No Need for the Best Credit Rating b For other ways to apply for a personal loan you may struggle to do so unless youbve got a perfect credit score and history. Due to the secured loan being set against the property. Of course there are advantages to having a better credit score, as it will mean you can secure a lower interest rate.

Lower Rates of Interest b Rates are lower on secured personal loans than they are for other types of loans, including payday loans of those that require a guarantor. Again, this will depend on your credit history to see how low a rate you can apply for.

Longer Repayment Periods b You can apply for a secured loan for as long as up to ten years in some cases, even longer. It can take the pressure off somewhat if you know that you have a longer time, with slightly lower monthly costs, to pay off the secured loan.

At Central Mortgages we have a range of secured and unsecured loans to assist people in a whole host of ways. Contact us for more information.