SECURED LOANS - what are they?
They are a Second Charge or what is sometimes called a
Second Mortgage or a short term mortgage. If you have a
mortgage or have paid off the mortgage on your property,
in other words you are HOME OWNERS, you can apply for a
Secured Loan. We even have a lender who will do a Secured
Loan for people who have Shared Ownership i.e. pay
mortgage and rent. Shared
Ownership Application
WHAT CAN I USE THE MONEY FOR -if you
have loans, credit cards, store cards, vehicle finance
you can consolidate all of these into one lower monthly
payment freeing up your monthly income. You can also use
the money for home improvements, holidays, a wedding,
vehicle purchase - whatever you want.
WHY DO A SECURED LOAN - many people in
this country have or have had some sort of credit
problem. This may have been late or missed payments on a
credit card, you may have County Court Judgments because
you would not or could not pay a bill or had previous
loans and not been able to make the payments each month.
So if you wish to consolidate or want further credit it
is very difficult to obtain, alternatively there are
lenders who may lend the money but the interest rate is
very high. Secured Loans offer a way forward to obtain
the loan you want at a reasonable interest rate. In fact
in this country there are very few people who have not
had a problem at some time in their life and that is why
the Secured Loan market exists. There is NO Valuation or
Legal Fees with a Secured Loan as you would with a
mortgage.
There is a host of Lenders that specialize in Second
Charge Lending in much the same way as there are lenders
who specialize in First Charge Lending (High Street Banks
and Building Societies). The Second Charge Lenders
realised that people who had adverse credit information
and were homeowners had equity which could be released
and be used to clear their outstanding debt and thus
improve their circumstances.
DeMe CONSULTANTS - where do we come in?
We take your details and then with our knowledge look to
place each applicant with the relevant lender according
to their circumstances. This saves applicants shopping
around and incurring a lot of credit searches. It is
worth mentioning that the more credit searches a person
has, and where loans have not been taken up, can reduce a
persons credit rating making future applications for
credit more difficult.
