Generally, the asset secured by a potential borrower against the loan sought puts not only the borrower, but the lender as well in an advantageous position. As a borrower secures a collateral for a loan he/she ought to bargain with the lender so to say. The collateral generally reduces the rate of interest in comparison to that of loans without collateral. A potential borrower may even get a longer repayment period for the collateral. On the lender's part, the collateral provides the security against the loan provided as it can be utilised for reimbursement in case the borrower fails to pay of the borrowed loan. Thus, it is always wise to borrow loans with collateral as it puts both the debtor and the creditor on an advantageous position.
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There are numerous financial companies in the UK that offer secured loans. Typically, the amount that can be borrowed via such loans ranges from £3000 to £75,000. The rate of interest may vary form lender to lender. In other words, the APR that varies across the lenders ranges from 7.9% to 12.7%. The repayment period of such loans vary from 5 to 30 years.
The rate of interest claimed on secured loans are of two types. They are fixed and variable. When it is variable the rate of interest may fluctuate. In such cases the rate of interest may increase later though it was lower at the time of borrowing the loan. But, in case of fixed rate of interest, the rate of interest does not mount throughout the repayment duration.
Considering these factors, it is always wise to compare secured loans provided by different lenders in order to end up with the best deal. The first point that the potential borrowers must consider while comparing such loans is the rate of interest. The rate of interest that the borrowers pay finally sums up to be a huge amount of cash. Therefore, a way to minimize it is to compare the rate of interest provided by different lenders and find the most suitable deal.
The fees associated with the loan sought, if any, also makes the difference. There are various fees that are being charged by different financial companies. That's why one needs to compare secured loans to ensure if they bear processing fees, late payment fees, closing fees etc. Getting the loan with a minimal or no fee helps the borrower save a handsome amount of cash which would have increased the burden.
The rate of interest apart, the monthly payments also mount the burden on many of the borrowers, particularly the borrowers with limited income. That is why, though it appears trivial a potential borrower must ensure a lower monthly repayment. At the finish, one should also ensure the overall costs of the secured loans which can be found out only by devoting certain hours or by consulting the professional in this field. These tips if properly followed will ensure you the best deal.
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