Why Get a Secured Loan?

If you need to borrow money based on your home equity, you should definitely do a little shopping first. You typed in lombardd direct, but through our services you can get some idea of what else is available.

People need quick funds for different purposes. Being a homeowner, you will generally be able to get a loan up to the value of your home from a secured lender like Lombard Direct.

There are many reasons why one would look for a secured home owner loan rather than a remortgage. First, if one's credit profile has gotten worse since getting their original mortgage, the best interest rate they will now be able to get will likely be higher than the original mortgage, and the new higher rate will apply to the whole loan balance. Furthermore, if mortgage rates in general have risen, one certainly wouldn't want to surrender the lower rate he has on his mortgage. Thus, if he needs an extra 20,000 to have a swimming pool installed, he will not have to give up that original mortgage rate. He can get a second charge loan for just the amount of money he needs, and maybe even pay the second charge loan off early.

Besides, even though remortgages are by and large at lower interest rates than homeowner loans, you can find some select lenders in the United Kingdom that feature very attractive interest rates on homeowner loans. Low Cost Funding has relations with some of these loan merchants, and we specialize in quickly scanning these to find you the money lender that will best fit your situation. For instance, there are companies that specialize in bad credit secured home owner loans. And other lenders that feature special low rate lending for homeowners with a high credit score. Also, there are some secured homeowner loan lenders that are more favorable to smaller loan amounts than other sources.

Another positve in getting a secured loan is speed in getting your money. How quickly can you get the funds you need with a secured loan? Well, in the U.K., for loan companies like Lombard Direct, loans below 25000 are regulated by the Consumer Credit Act. This means that there is a 2 week delay before your loan can go through. However, loans for more than 25K are not regulated, and thus it is sometimes feasable to get your loan rolling the very next day. Compare this to a remortgage, where you will have a much longer time to wait before you get your loan.

Low Cost Funding can furnish you with a speedy quote on a secured loan for any purpose. To reiterate, we have the resources to instantly search from amongst top companies in the United Kingdom to select the best loan sources for your specific needs. And because we are paid by the lenders, it doesn't cost a penny more to you for using our company. So if you were thinkng of going with lombardd direct to get a secured loan, take a couple of minutes and get a loan quote from us to see what other awesome deals are out there.