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Secured Loan Rates Vary So Get Several Quotes

Jan 9, 2008
Secured loan rates vary greatly so it is imperative that you get several quotes before actually signing up for a loan. The cheapest interest rates can be found online and by going to a specialist website you are able to compare several quotes together. Along with getting the quotes together you should also be given the key facts of the loan and comparing these is just as important.

A secured loan will allow you to borrow a sum of money while securing it on your home. The amount you can borrow will be based partly on how much equity you have in your home after the outstanding mortgage has been deducted. This is called the spare equity and lenders will usually allow you to borrow up to this amount, however there are some that will let you take out up to 125% of the equity.

A secured loan can be taken out for almost any reason but you do have to make sure that the reason for taking out the loan is worth the risk of putting your home at risk. If you were to fall behind on your repayments then the lender can repossess your home.

One of the easiest ways of getting the cheapest secured loan rates is to go with a specialist website. A specialist website will have the tools for you to be able to search with the whole of the UK marketplace so you can be sure you have the best deal. When comparing the rates of interest you also have to take into account the terms and conditions of the loan. The terms and conditions are where any added costs can be found such as early repayment fees. This can mean that if you are lucky enough to be able to pay off the loan early it could end up costing you in fees.

One of the main reasons why people take out a secured loan is to consolidate together existing debts. If you can get quotes for cheap secured loan rates then you can make savings each month. However you do have to take into account how long any existing debts have to run and compare them with the length of time you would take the new loan out for. You do have to decide also on how much you could afford to repay each month. Taking out the loan for a longer period of time would mean lower monthly repayments but at the same time you will pay more in interest.

To sum it up you do have to shop around for the cheapest secured loan rates and have to be aware that the key facts can differ between lenders. Comparing them is essential as it can boost up the cost of the loan. As your home is at risk throughout the entirety of the loan you should also consider if loan payment protection would be suitable. Loan payment protection can be offered along with the secured loan but it is advisable that you shop around for it independently.
About the Author
Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.
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