To fulfil our needs or to meet the needs we require money. Sometimes employed or self employed people are not able to fulfil their needs within the monthly income. In this circumstance they would like to borrow some amount from the financial institutions available in the market. Secured loans have been introduced in the market to fulfil these requirements by approving a loan.
With this loan, the lenders offer larger amount of loan with long term repayment tenure. A borrower should keep some collateral against the loan and the loan amount depends on the value of the collateral. One can avail the loan amount up to 125% of the value of the collateral. Bad credit borrowers can also avail this loan easily by placing any asset as security against the loan amount. In that case the loan amount varies between the lenders. With secured loan the amount ranges from £5,000 to £75,000.
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One can use the money to pay holiday bills, for buying or improvement of home, debt consolidation, to increase their business, for wedding expenses, etc. A borrower can easily repay the loan amount because the pay back tenure of this loan is 5 to 25 years. Secured loans are available in the market at very low rate of interest. Hence, a bad credit borrower can improve their credit score by availing with this loan.
To avail secured loans a borrower need to meet some eligibility criteria. The borrower must be more than 18 years of age, must have citizenship of UK, should have a current bank account and must be a regular employee with proper income proof.
The application process of this loan is very easy, one need to fill up an application form which is related with the loan amount and personal details. Once the documentation is completed, it takes a few working days for verification and after verification the loan amount is approved and the money is transferred to the borrower's bank account electronically.
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