Why Get a Secured Loan?

If you're in the market to to borrow money based on home equity, you will be well served if you do some shopping around first. You typed in tescoo finance, but through our services you can see what other options you may have.

People need ready cash for many different reasons. If you own your own home, you will usually be able to receive a loan up to the value of your home from a secured lender like Tesco finance.

There can be many reasons why one would seek a secured home owner loan rather than a remortgage. For one thing, if one's credit profile has deteriorated since they got their original mortgage, the best rate they'll now qualify for will likely be higher than the original mortgage, and this will apply to the whole balance of the loan. Also, if interest rates in general have gone up, one would not want to relinquish the lower mortgage rate he has on his original mortgage. Therefore, if he needs an extra 20,000 to have a swimming pool installed, he won't abandon that original rate. He can get a second charge loan for exactly the sum he needs, and perhaps even pay it early.

Besides, even if remortgages are typically at lower percentage rates than secured loans, you can find some lenders in the UK that do in fact offer very attractive rates on secured loans. Low Cost Funding has relations with these companies, and we specialize in linking you up with these to find you the loan merchant that will get you the loan you need. As an example, there are select lenders that specialize in bad credit secured homeowner loans. And other lenders that feature special low rate programs for home owners with an excellent credit rating. Also, there are some secured home owner loan merchants that are more focused towards smaller loan amounts than other companies.

Another plus point in getting a homeowner loan is speed in getting your loan. How quickly can you get your money with a secured loan? Well, in the UK, for loan companies like Tesco finance, loans for amounts lower than 25K are regulated by the Consumer Credit Act of 1974. This means that there is a 2 week time lag before your funds can be processed. However, loans for more than 25K are unregulated, and so it is sometimes feasable to get your loan approved the very next day. This compares very favorably to a remortgage, where you will have to wait a lot longer before you get your funding.

Low Cost Funding can furnish you with a quick quote on a secured loan for whatever purpose youhave. As mentioned above, we have the resources to instantly search from amongst top secured loan companies in the UK to get you the best companies for your particular needs. And because we get paid by the lenders, there are no additional costs to you for using our services. So if you were considering using tescoo finance to get a secured loan, take a couple minutes and fill in our form to see what other fantastic loan options are out there.