Why Get a Secured Loan?

If you are a homeowner looking to borrow money based on the equity in your home, you will be well served if you do some shopping first. You typed in welcome finace, but by filling out our form you can see what other options you may have.

Individuals need access to funds for varied purposes. If you are a homeowner, you will generally be able to get funding up to the value of your home from a secured lender like Welcome Finance.

There are quite a few reasons why one would have a use for a second charge loan rather than a remortgage. For one thing, if one's credit standing has gotten worse since they obtained their original mortgage, the rate of interest they will be able to get will surely be higher than the original mortgage, and the new higher rate will apply to the full loan balance. Likewise, if mortgage rates in general have gone up, one surely would not want to abandon the lower rate he has on the original mortgage. Therefore, if he needs an extra 20,000 to have a swimming pool installed, he will not have to give up that original rate. He can get a second charge loan for exactly the amount of money he needs, and perhaps even pay it off early.

Besides, although remortgages are in the main at lower mortgage rates than second charge loans, there are still some select lenders in the UK that do in fact offer very attractive interest rates on secured home owner loans. Low Cost Funding has relations with these companies, and we specialize in linking you up with these to find you the money lender that will best fit your situation. For instance, there are loan merchants that specialize in bad credit homeowner loans. And other loan merchants that feature special low rate deals for home owners with excellent credit. Moreover, there are some secured homeowner loan lenders that are more favorable to lower loan amounts than other companies.

Another benefit of getting a secured loan is speed. How fast can you get the money you need with a secured loan? Well, in the UK, for loan companies like Welcome Finance, loans smaller than 25000 are regulated by the Consumer Credit Act. This means that there is a 2 week hold before your loan request can be processed. However, loans over 25000 are not regulated, and thus it is at times possible to get your funds approved the very next day. Compare this to a remortgage, where you will have a much longer time to wait before you get your cash in hand.

Low Cost Funding can get you a rapid quote on a secured loan to match your circumstances. To reiterate, our business model allows us to instantly search from amongst top secured loan merchants in great Britain to select the best loan sources for your individual needs. And because we make our money from the lenders, it's no more expensive to you for using our services. So if you wanted to check into using welcome finace to get a secured loan, take a quick minute and fill in our form to see what other outstanding options are there for you.