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Applying for uk secured loans has never been easier. There are now providers offering this type of borrowing on the internet and this means that you may typically be able to review a quote and apply online with the minimum of fuss and bother:
• to be eligible to apply for a secured loan, you may typically have to be in employment – if you are self- employed, you may have to provide additional income or accounting related information;

• with UK secured loans, you need to be able to offer an asset, at least equivalent in value to the amount you are asking to borrow, as a guarantee for the loan;

• with an unsecured loan on the other hand, no such asset is required and since providers of this type of facility are accepting a greater risk if you default on payments, you may typically find that these may be less attractive, in interest rate terms, than secured loans;

• while in theory you may be able to use any asset of sufficient value (like your car or share holdings etc) to guarantee a secured loan, in practice, some lenders may prefer that you are a home owner and use your property as security;

• using an internet based broker may allow you to find the most appropriate loan for your own particular situation;

• in any application for UK secured loans, you may find that you may be asked details on why you want to borrow the money, your income and regular monthly expenditure, where you work etc;

• you may have a number of reasons why you may have decided to apply for a secured loan – you may want to carry out some home improvements, perhaps there is a big family event coming up like a wedding or you may be trying to reduce monthly expenditure through debt consolidation or rescheduling;

• if you are using your home as security, then you may wish to bear in mind that if you default on the loan, your home could be repossessed;

• another important factor if you are using property as security is that, if you have a mortgage, then you may need to take its value into account when estimating how much of a guarantee for the loan that you actually have available. If you have a mortgage, your equity is not the value of the property but the amount that would be left over if you were able to pay the mortgage off;

• to take a simplified example; if you have an outstanding mortgage of £150,000 and your property is worth £175,000 then you may have £25,000 in equity – if your property is only worth £140,000 then you have £10,000 negative equity and would obviously not be able to use this as security for UK secured loans.

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