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.
loans.org.uk helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.
If you can't find what you want on loans.org.uk, be sure to check our loans homepage.