| The type of loan you are looking for will | | | | available in your property. They are usually |
| depend on several circumstances,firstly, are | | | | easier to obtain because you have the |
| you a homeowner or a tenant.This will decide | | | | security of your property as collateral. This |
| wether you have the option of a unsecured or | | | | makes the loan, less of a risk to the lender |
| secured loan.What is the purpose of the | | | | and usually you can get a better rate with a |
| loan,and how much are you looking to borrow, | | | | secured loan than an unsecured loan, |
| these are some of the considerations and | | | | especially if your profile is adverse in any |
| decisions you need to make before deciding | | | | way. |
| what type of loan is best for you. | | | | |
| | | | The process for a secured loan does take |
| An unsecured loan is a loan which has no | | | | longer, most companies, in the right |
| security, basically you are not securing the | | | | circumstances, can complete a secured loan |
| loans against your home/property. It is | | | | within 10-15 working days. This is dependant |
| sometimes called a personal loan, and | | | | upon several factors, one of which is the |
| generally you can borrow upto £25,000, | | | | loan amount, if under £25,000 the loan is |
| although the higher the amount the better | | | | termed a regulated loan and has a cooling off |
| your credit profile needs to be. Loans can be | | | | period, if the loan is over £25,000 then |
| used for almost any purpose and can usually | | | | it is termed an unregulated loan and can be |
| be completed very quickly, usually within 48 | | | | completed much quicker. Other factors include |
| hours. There are various sources of unsecured | | | | your current first charge / mortgage company, |
| loans, the more popular being your own bank | | | | if they have a restriction on your property |
| and several high street lenders. If you are | | | | then consent for second charge needs to be |
| self employed or have a adverse / Bad credit | | | | obtained, this can take anywhere from 2-8 |
| profile you may find it difficult to obtain | | | | working days dependant upon the lender. |
| an unsecured loan, that is where a secured | | | | |
| loan option is available. | | | | A good loan company will be able to inform |
| | | | you of the approx time the loan will take and |
| A secured loan is a loan which is secured on | | | | what information needs to be obtained, and |
| your property, you can usually borrow upto | | | | will keep you informed all along the process, |
| £100,000 or more dependant upon the equity | | | | until completion. |