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Secured Loan For DIY Makes Perfect Sense
When you take out a secured loan against your home, you want to know that the value in your home will continue to cover the amount you owe.
Better still, you hope it will become worth more than the amount you owe.
So, if the loan is for home improvements, then you should be adding value to that home – as well as adding peace of mind in the knowledge that your home equity is growing beyond the value your loan repayments.
June 10, 2008 at 9:25 am | Secured Loan | No comment
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More People Seek Help With Debt Problems
A charity offering advice to people who find themselves with unmanageable debt problems, The National Debtline, has reported an increase in calls to their help line.
A spokeswoman said: “We have seen a 20% increase in the number of people who have been calling our helpline. The debts they need help with include mortgages and also loans secured against their properties.”
Secured loan applicants are on the increase, with unsecured loans becoming harder to find. It’s vital to remember that the risk associated with secured loans can be high – especially if you take out a second mortgage on your home, without setting realistic repayments.
June 6, 2008 at 10:58 am | Secured Loan | No comment
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Tread Carefully When Arranging a Secured Loan
It’s becoming increasingly difficult to arrange a personal loan these days. Credit is far harder to obtain in all areas, as lenders start twitching about the risks in the current financial climate.
This has inevitably led to an increase in the uptake of secured loans – usually secured against the value in the home of the borrower.
However, it’s important to see the risk associated with these loans for what it really is. The question you should be asking is not “How can I get a loan?” – it’s “Can I afford to get a loan at all?”
A loan is not something you should take at any cost, regardless of the level of risk. It’s a harsh reality that you could end up losing your home if you take a secured loan that you can’t manage to repay at the agreed level – after all, that’s why lenders will still offer these kind of loans because the risk lies primarily with you rather than them.
Whatever you want the cash for, it’s rarely worth losing your home over.
June 1, 2008 at 4:31 pm | Secured Loan | No comment
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Secured Loan for Home Improvements
A secured loan is usually secured against the value of your home. So, one of the best ways to get together some cash for home improvements is to take out a secured loan against the home you are planning to improve.
By improving the home, you should be adding value to it – the lender will be reassured by this fact so there is usually little to stand in the way of being granted a home improvement loan.
May 31, 2008 at 12:55 pm | Secured Loan | No comment
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4.9% From the Top and an Outrageous 8.5% Thereafter, Please Carol
I’m just going to admit it. I’ve always been a bit of a Carol Vorderman fan, even though that’s probably far from cool these days. But she does make it increasingly hard to defend her right to admiration while she continues to blaze a dusty trail of somewhat unscrupulous personal loan advertisements.
The latest advert in which she appears has been labeled a ‘debt trap’, encouraging vulnerable homeowners into unmanageable levels of debt.
The secured loan advert, for a company called ‘First Plus’, offers an attractive low interest rate of 4.9% for the initial 90 day period of the loan, after which the rate increases to a staggering 8.5%.
The lesson, as always, is to look out for such tricks and be fully aware of the complete terms of the loan before entering into any agreement.
May 18, 2008 at 2:11 pm | Secured Loan | 1 comment
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Jangle Jangle Jewellery Secured Loan?
I read a piece this morning about using your jewellery as collateral against a secured loan to finance a new car purchase.
All perfectly legitimate, of course, but it got me thinking – imagine what car Jimmy Saville could buy if he took out a personal loan secured against all of his jewellery!
May 15, 2008 at 8:47 am | Secured Loan | No comment
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Lispy Secured Loan Advisor Named Legendary Group
Rumour has it (yes, I’ve been talking to my source down the pub again) that legendary rocksmiths ‘The Cure’ got their name from a personal loan advisor with a lisp.
Robert Smith and his musical pals were pacing around the lounge desperately trying to think of a name for their band at his Sussex home one afternoon in 1976, when the lispy loans expert knocked on the door. Smith answered the door and the salesman asked,
“May I offer you thumb perthonal loan advithe, thir?”
Mr Smith replied: “What kind of loans are you offering, sir?”
“Thecure loanth, thir.”
“Genius! The Cure! That’s it!” Smith proclaimed as he shut the door.
The secured loan salesman went away a little confused and deflated that day. If only he knew what a vital part he’d played in the history of this great band.
May 13, 2008 at 7:20 am | Secured Loan | No comment
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What is a Logbook Loan?
A logbook loan is just one of the many types of secured loan available on the market.
The most common type of secured loan is secured against a property, as this is usually the best valuable asset most borrowers have to offer as collateral to secure the risk posed to the lender.
However, a secured loan can be secured against anything that meets the value of the loan. A logbook loan, as the name suggests, is secured against the value of your vehicle. It’s called a logbook loan because you hand over your logbook to the lender as security for the duration of the loan term.
May 10, 2008 at 10:31 am | Secured Loan | No comment
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Secured Loan Triumphs Over Unsecured Loan
In the current wobbly financial climate, the secured loan is continuing to take centre stage as lenders pack their carefree, risk-taking attitudes into a box in the bottom of a wardrobe in the spare room – hoping they’ll make use of them in the future; knowing they probably won’t; but unable to part with the idea just yet.
Results of recent research conducted by Alliance & Leicester show that “overall borrowing trends are moving away from unsecured debt, while secured lending continues it’s rapid pace.”
May 8, 2008 at 10:26 am | Secured Loan | No comment
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Finding (a new job for people at) Nemo
Nemo Personal Finance, the secured loan subsidiary of Principality, announced last week that it is to axe 70 jobs at their Cardiff HQ.
The move comes as a necessary reaction to the credit crunch. Senior bosses at Principality say they will re-deploy staff in other areads of the business.
May 4, 2008 at 2:04 pm | Secured Loan | No comment
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