Lloyds Offers an Alternative to Costly Unsecured Loans
Do you need to obtain a substantial amount of money, but have been turned down for an unsecured personal loan? A secured loan from Lloyds Bank may offer an alternative solution.
Lloyds is the largest retail bank in the UK, with branches and ATMs located throughout England and Wales. They also offer secured loans to individuals and businesses that may not be eligible for an unsecured loan.
Whether you were turned down due to bad credit, high debt to income ratio, or a lack of verifiable income, Lloyds may have a secured loan that meets your needs. However, there are other lenders out there. At UK Property Finance, we can compare secured loans from the top lenders to help you get the best value.
Who is Eligible for a Secured Loan?
Almost anyone who has a mortgage or owns their home outright may qualify for a secured loan. When applying for a secured loan, Lloyds and other lenders are looking at one main factor – the amount of equity that you have in your property.
What You Should Know About Secured Loans
A secured loan offers many advantages over an unsecured loan. Lenders are more willing to approve a loan for a higher amount and with lower interest rates, as there is less risk involved for the lender. However, there is also more risk for the borrower.
When you use your home as collateral for a loan, failure to repay the loan may result in foreclosure. The lender has the right to collect the debt that you owe. Selling your property allows them to avoid any loss.
When applying for a secured loan, it is important to review your finances to determine how much you can afford to borrow. Lenders may be willing to grant loans valued at up to £250,000. However, it is up to you to ensure that you handle the monthly repayments.
Not All Lenders Offer the Same Rates and Terms
Secured loans are suitable for many different circumstances. You may need a secured loan for debt consolidation, home improvements, or even to fund your business. However, not all secured loans provide the same interest rates and term lengths.
Different lenders may offer higher or lower interest rates based on your situation. They may also require different term lengths. Before applying for a secured loan through Lloyds, you may want to compare their rates and terms to options from other lenders.
At UK Property Finance, we work with the top lenders throughout the UK to find customers the best loans. Instead of going with the first lender that you find, allow us to compare loans. Call us today to learn more about secured loans and loan comparisons.