Discover the Best Personal & Secured Loan Rates


Most loan applications are fairly straightforward. You will need to provide your usual personal information and your job details, including your salary and how long you worked there. You will also be asked what you plan to spend the loan on, as well as your monthly expenses and details of any past due debts such as credit cards, mortgages, other loans, or HPI payments.

It’s important to be honest and open, especially about your existing debt. Lenders ask for these details to ensure that you will be able to pay the loan repayments and to prevent you from increasing your level of debt beyond your ability to repay what you owe.

For secured loans, you may find that the lender asks for proof that you own the assets that you are securing against the loan. The process of getting a secured loan is similar to getting a mortgage, requiring extensive checks and documentary evidence to support your application. In fact, it is a form of regulated mortgage arrangement. You will have two mortgages secured against the property rather than the property secured by two mortgages.

Loan applications can be made in writing (using a lender’s application form) or online – when it comes to electronic applications, some lenders can give you an instant decision as to whether your loan has been accepted or needs to be considered further.

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