Rates for Secured Loans
The exact cost and terms of all types of loan varies from lender to lender and borrower to borrower, but in most cases it is your personal circumstances that will determine the terms of your loan. We will always offer you the best secured loan rates that we can; however the exact interest rate we will be able to offer you may vary depending on your credit score.
We will always check that the monthly repayments are affordable before finalising your loan as it is important to remember that your home may be repossessed if you fail to repay your loan; however, we will always try to help you to ensure this is the last resort.
Here are some of the factors that we will consider when we look at your loan application:
- • Your income – it is essential that you can afford your repayments
- • Your credit score – if you have bad credit we may still be able to help, though it may affect the interest rate of the loan.
- • Existing credit commitments – these will affect how much you can afford to repay each month
- • The amount of equity available in your property – there must be enough equity in your home to cover the value of any loan secured against it
If you are thinking about taking out a secured loan, it’s really important you assess how affordable the repayments of your loan will be, as the consequences of not keeping up with your repayments can vary. We will always work with our customers to ensure that their loan repayments are affordable, however if circumstances change, we are here for you and will work to find a suitable solution.
As with any loan, it’s important to understand that falling behind on your repayments could potentially impact your credit score, and in some extreme cases, could potentially risk the ownership of / lose your home if your loan is secured against it.