How Secured Loans Could Help You

Opportunities do sometimes come only once in a lifetime. Maybe it’s a business idea, or a dream job in an exotic country with an amazing lifestyle. However, nothing can be more frustrating than lacking the cash to make a dream come true. Not having the money for a business investment or rental deposit can be maddening. It can also leave us wondering what might have been.

Even wealthy people often need cash quickly to make their dreams come true and there are many types of unsecured loans available in the UK as there are secured options. Secured loans are, in effect, loans that are secured usually against high value assets such as properties, priceless artwork or expensive high-performance cars. When it comes to business investments and transactions, people often need money fast to avoid missing out.

Luckily, secured loans are not just available to the rich and famous. And you don’t need a Picasso art collection to get one. In fact, secured loans have never been more available or easy to understand.


What Is A Secured Loan?

In a nutshell, a secured loan involves the use of an asset you own such as a car or property. The lender loans you money and you guarantee the loan repayment with your asset.


How Can I Get A Secured Loan?

As we mentioned, you will need an asset you can secure against the amount of money you want to borrow, as is the case with the likes of bridging loans and other types of secured finance. You can approach several sources to get the loan, but we would recommend using an experienced finance company.


What Are The Benefits Of A Secured Loan?

For one thing, secured loans have generally lower rates as the lender knows repayments are protected by an asset. You can also borrow a larger amount of money with a secured loan. By taking out the loan and repaying it, the loan will also build a good credit score for you. There is no guarantor required.

Sounds Great, But What’s The Catch?

With good planning and sound judgement, you should be more than safe with a secured loan. But as with all things financial, you need to be organised and know you can afford the loan repayments. Your asset, such as your home, will be at risk if you default on the loan. A good finance company will always provide advice on a secured loan to ensure this scenario never comes to fruition.


But What If I’ve Been Refused A Loan Before?

Even if you have been refused a personal loan, you may well be accepted for a secured loan. Having a usable asset opens up a world of possibilities with a secured loan. Complete an application today and there’s every possibility you could soon have your own business, or be walking through a tree lined street in Tokyo before you know it.