What is a secured loan? It is a kind of a loan that can be taken out at very low rate of interest, even 5-6% on the principal amount. But this can be done only if you have a property or a valuable asset that is worth the money you are borrowing or more. Collateral is what this property for mortgage is called. This collateral could be your UK home in the heart of London, or in Hampshire or in Nottingham, or a car that is worth the loan. Secured loans take a little more time than other quick loans to be issued since a whole lot of paper work is to be done, but also gives you a lot more time to return the amount. And with a low rate of interest, the amount you would need to pay back will also be relatively less.
The basic criterion is that 85% of the property would be seized if the borrower cannot somehow arrange for the money within the allotted time. Banks like Royal Bank of Scotland Group with headquarter in Edinburgh, HSBC and Barclays with their head quarters in Canary Wharf etc in UK, suggest such points.
Some other eligibility issues to be kept in mind is that-
The borrower has to be an adult, that is minimum 18 years of age is prescribed.
The borrower must have a source of income. A constant in flow of income can improve even a previously bad credit history. If you don't have a steady income, if you do not earn, what should the bank take as a guarantee that you would pay back in time? Banks never take such risks even if you produce a property.
Most importantly, you MUST have a property that is worthy of evaluation against your income. There has to be some guarantee other than your income that the bank can breathe a sigh of relief. The bank needs to know that there is no way it would lose the money. The collateral is a backup plan, basically.
Banks still look into the credit record. To have a good credit, if not impressive is very important. A poor credit history would make it very tough to get even a secured loan. And even if you bag a loan, the rate of interest will be much higher. Worse the credit history is more will be the interest charged on your loan amount!
Quick secured loan may be wanted to be taken out because of several reasons. One of the most popular reasons is debt consolidation. Many people end up taking quite a few loans at a time and end up not being able to clear off any of them. In such situations, a secured loan can be taken of the amount of the sum of all the loans. This helps because then separate interest rates, dates of payment, loan amount etc need not be remembered. Details of only one loan are to be worried about. The other reasons for taking out a secured loan are: starting a small business, to supplement wedding expenses, for Christmas gifts, for paying tuition fees by students, for holiday trip or medical expenses.
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