Personal Secured Loans UK

Don't overstretch yourself when you take a secured loan

With personal secured loans UK customers offer property as security – and that property is usually their home. It's a risky tactic, especially if meeting the payments is likely to be a stretch. It's well worth considering a smaller loan or a longer repayment period.

For personal secured loans UK customers typically offer their home as security, and the lender can force you to sell your house if you fall too far behind with repayments. If you think that the repayments are going to be on the high side, it's a very good idea to think again. Borrowing a smaller amount or borrowing for a longer period of time could make a big difference to the monthly repayments, and a few pounds per month could mean the difference between financial stability and disaster.
With personal secured loans UK customers should always make sure that the repayments are affordable, but some corners shouldn't be cut. It's tempting to skip the optional payment protection insurance to make the monthly payments as low as possible, but that's a bad idea: for the sake of a few pounds you're leaving yourself open to the risk of redundancy or serious illness. Without the payment protection if disaster strikes, the lender will still expect you to keep up with your payments.

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