Secured Loans UK facilitate borrowers to avail of capital against the value of the asset placed as security with the creditor. The creditor now has the ownership rights to the asset, which acts as guarantee against the loan. Although the asset is normally in the form of a home, security can also be offered by placing any concrete property, a vehicle or a valuable asset as collateral. This is why; secured loans UK are often referred to as UK Homeowner Loans, Secured Personal Loans UK or Second Charge Loans UK. For secured loans UK, depending on the value of collateral, lenders are willing to offer large sums ranging from 5,000 to 75,000 or more and the repayment period extends from 5 to 25 years.
In the UK, Secured Loans have a very diverse and competitive market. Although they were primarily taken in a financial crisis, nowadays, they are used for almost anything: for taking that long awaited vacation, home improvement, education, to pay off pending bills, debt consolidation, to buy the car youve always wanted and to fulfil unlimited dreams and aspirations.
The interest charged on loans is known as APR (Annual Percentage Rate). For secured loans, it varies,...
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