Bridgingloans.co.uk Discusses the Potential Benefits of Secured Loans
Britain’s Best in Intelligent Finance Products Highlights the Importance of Considering All Available Options
[UKPRwire, Wed Dec 07 2016] One of the UK’s leading names in alternative financial products has been discussing the importance of considering all options available, when it comes to seeking personal finance. Though routinely overlooked, the team behind Bridgingloans.co.uk believes that secured loans have the potential to be of even greater value, flexibility and convenience than standard personal loans.
What sets secured personal loans apart from unsecured loans is the way in which more money tends to be made available with the former of the two, along more agreeable and flexible payment terms. In addition, the money is often made available much faster. Nevertheless, the vast majority of borrowers continue to select unsecured personal loans from major lenders, even though they may be passing up a variety of benefits.
An Appealing Alternative
“If you are thinking of taking out unsecured finance in the form of a personal loan then you will need to have a decent credit score. Unlike a secured loan, an unsecured loan can be applied for even if you do not own a property or have a mortgage although you will not be able to borrow anywhere near as much money. Personal loans usually range from £1,000 to £25,000 and the interest rates vary tremendously from one lender to the next. With unsecured loans, the repayment terms are much shorter than those offered to homeowners – typically ranging from one to five years.” – Bridgingloans.co.uk
As a leading independent broker, Bridgingloans.co.uk offers advice and guidance on every aspect of personal lending at all levels. They believe that when larger sums of cash are needed along with more flexibility in terms of repayment periods and interest, secured personal loans are often the very best option on the table.
What makes a secured loan different is the way in which the borrower is required to put up collateral to guarantee the loan – usually in the form of a home or any other property they own. As such, secured personal loans are exclusive only to those able to satisfy such criteria in terms of collateral – those without the necessary security can only qualify for unsecured loans. As such, the latter can only access smaller sums with more restrictive borrowing terms.
Lower Interest Payments
“If you are looking to borrow a larger amount, such as £5,000 and upwards, and you are a homeowner then a secured loan offers much higher approval rates with much more flexibility in terms of repayments. You can choose to pay back an unsecured loan over a period lasting anywhere up to thirty years – although you will obviously have to pay back a lot more interest if you are planning to pay the loan back over a much longer period.” - Bridgingloans.co.uk
As with all of the financial products available via Bridgingloans.co.uk, the company advises checking out every option on the table carefully before making a final decision. From property investment to business loans to repair, refurbishments and so on, there are so many reasons why anyone may need a quick and relatively large cash injection.
So before making a beeline for any bank, building society or major lender, it simply makes sense to see whether or not you could be better off with an intelligent, alternative financial solution.
Bridgingloans.co.uk is a leading UK finance broker & principle bridging loan funder with a unique commitment to transparency and customer service excellence. Bridging loans are offered on the back of comprehensive and digestible information to ensure rational and beneficial decision making across both domestic and professional circles alike. The team takes great pride in pioneering innovative new services to meet the short-term financial needs of UK borrowers from all walks of life.