Secured Loans

As the names suggest, secured loans are offered in return for some security held by the provider. In most cases this security is a charge or a part charge on your home. Therefore you usually have to be a homeowner to qualify for a secured loan.

If you are a homeowner, you can apply for a secured loan ranging from £1,000 to £50,000 depending on the equity you have within your home. At Debtfreeplease, we use the services of our Independent Consultant with access to a vast range of loan providers to seek out the best and cheapest provider for you. The consultant will guide you through the process of applying for the right loan for you and this can then be used to consolidate all your other loans and credit card charges. You end up with one affordable monthly payment instead of several unaffordable payments and you end up dealing with just one provider.

The benefit of unsecured loans is that the period to pay off the loan can be much longer which means that your monthly payment is much lower. If you have a poor credit history, a secured loan can provide you with a good solution to consolidating your debts and can set you on the path to improving your credit score in the future. However you may need to pay a higher rate of interest if you have a poor credit score.

Please note that your home is at risk if you take out a secured loan using your home as security. If you fail to make your payments to the secured loan provider they have the right to reposess your home.