Compare Secure Loans from HSBC and Other Major Lenders
HSBC is the largest financial and banking services institution in Europe. This bank serves millions of clients and offer a wide range of loan products, including secured loans.
Whether you are a homeowner looking to secure a new mortgage of an entrepreneur looking to fund your new business venture, you should explore your options. HSBC is one of many lenders to consider. At UK Property Finance, we can help compare loans from major lenders and ensure that you get the best terms.
What is a Secured Loan?
A secured loan is a type of loan where the borrower uses assets as collateral. Typically, lenders require real estate property to be used to secure the loan.
By using your home as collateral, the lender assumes less risk. If you stop making loan repayments, the lender can recover the debt by selling your property. With some secured loans, the lender may accept other assets in place of real estate property, such as a vehicle.
The main benefits of a secured loan from HSBC or another UK lender include higher borrowing limits and lower interest rates.
With reduced risk, lenders are more likely to approve a loan application when you need to borrow a substantial sum of money. In fact, depending on the equity in your property, you may be able to borrow between £25,000 and £250,000.
Types of Secured Loans
A secured loan may be used for any financial situation. If you have equity in your home, you may consider obtaining one of these loans:
● Debt consolidation loans
● Homeowner loans
● Home improvement loans
● Bad credit loans
● Self-employed loans
● Business loans
If you have applied for an unsecured personal loan in the past and your application was rejected, a secured loan may provide the answer to your financial needs. Keep in mind that failure to complete your repayments may result in repossession or foreclosure.
Bad credit or being self-employed makes it difficult to obtain an unsecured loan. With a secured loan, these issues are less likely to affect the approval process. The primary detail that lenders look at is the available equity in your property.
How Do You Apply for a Secured Loan?
When you are applying for a secured loan, HSBC is one of many UK lenders that may have the right loan product. Working with over 100 lenders, we can help review and discuss your options. Contact UK Property Finance today to talk one of our FCA authorised borrowing experts.