Looking for secured loans online but need more information? Here at Personal Loans Now, we have some great options for affordable lending that can provide you with alternatives to traditional secured loans. If we can’t offer the exact loan amount you are looking for, then we’ll put you in touch with credit brokers who might be able to assist by offering great rates and repayment terms. All you need to do is hit Apply Now and we’ll get to work on finding you great options today!
Why Should I Use Personal Loans Now for Secured Loans Online?
There are many advantages to using our service to find alternatives to secured personal loans online, including:
- We are Direct Lenders
- Application takes just 3 minutes
- Borrow between £2,000 up to £25,000
- 100% Online Application – no waiting for paperwork
- Instant Online Decision
- Bad Credit Welcome – You can apply even with poor credit
- Get Money into your Account on the Same Day
What Are Secured Loans?
A secured loan is a form of long-term borrowing where you apply for is guaranteed against pre-agreed assets. This means that if you fall into financial difficulty during the loan term and cannot make repayments, the lender can re-possess any pre-agreed assets to recover the debt. The pre-agreed assets are normally in the form of your car or house and most commonly are types of mortgage agreement or logbook loan. A secured loan presents more of a risk for both yourself and the lender which is why it is attached to a secure source of repayment if the worst-case scenario happens.
Typically, a secured loan is for higher value items, such as a car or house, and they give the lender the right to repossess the property if repayments are not maintained. They are also likely to have additional charges such as legal and administration fees so can be for more than the amount you were originally looking for. It’s always best, like with any form of borrowing, to shop around and compare rates for the best deal before committing to any secure loan.
Secured Loan vs Unsecured Loan
Secured and unsecured loans are both forms of borrowing with their benefits; where secured loans are ideal for buying a house (mortgage) and mean you can borrow higher amounts, unsecured loans benefit from not having any personal assets tied with them. An unsecured loan is available to anyone whether you are a homeowner or tenant, is usually a quick application process and are available whether or not your credit rating is good or poor. To get the best rates, having a great credit score is needed, meaning the poorer your credit history, the higher chance of having to pay higher rates of interest.
At Personal Loans Now, we can help you find the best rates available for your situation. As direct lenders, we can potentially provide you with unsecured loans at a great rate when applying direct. If in the circumstances we cannot lend you the money as a direct lender, we will able to pass your details to other credit brokers who are better placed to offer you the terms you want. We achieve this with our Credit on Demand concept, where you will benefit from us being both a direct lender and a broker. Using Monevo and their large panel of lenders, we’ll be able to find the right loan for you.
Am I Eligible to Apply through Personal Loans Now for Secured and Unsecured Loans?
When comparing secured loans vs unsecured loans, you’ll need to take into account that each lender as their own criteria to meet and be eligible for. With Personal Loans Now you will need to meet the following criteria:
Aged 18 years or over
Be a UK resident
Have a current UK bank account
If you meet the above, then apply now and we’ll get to work on your application ASAP, and if we can’t lend you the money directly, we’ll find someone who is best placed to do so. If you have any questions please contact us directly and we’ll be happy to advise further on our services. Alternatively, please read through our FAQs for common questions and answers.