Tag Archives: loans
Secured Loans Are Based On Equity In Your Home
In financial jargon, the word Equity means the difference between the market value of your home and the debts raised against it. In other words, it is the unencumbered value of your home that is known as equity. The concept of equity is important for a homeowner since a loan can be raised against the equity in your home. Many lenders offer a loan to value ratio of eighty per cent only. It means that if your home has a value of £150,000, you can take a loan up to £120,000.
The credit rating that you have at the time of taking loan is very important. A good credit rating implies that your past conduct in the financial transactions was trustworthy and, therefore, lenders are likely to offer you a low rate of interest. By releasing the equity in your home, you can borrow up to £250,000. People usually take loan against equity only when they have large monetary requirements.
How borrowers are advantageously placed when taking secured loans?
In the past few years, the value of an average home in the UK has increased manifold. This reflects in the prevailing home prices; an average home costing more than £200,000 in the UK. The higher the price, the higher will be the equity in your home. Thus, the homeowners who want to borrow money are obviously better situated than those who are living on rent. In normal course, lenders give 80 per cent of equity in your home as a loan but this is not a fixed criterion and you may get more or less depending upon individual financial circumstances.
Bad credit loans and credit reference agencies
Secured loans are also available to those people who are having a bad credit rating. The credit rating is a numerical figure that is attributed to every borrower on the basis of his past conduct in the loan market. There are several credit reference agencies in the UK that gather information from various sources like the electoral roll, county court judgments and financial institutions. On the basis of the information collected, these agencies give a credit rating to every borrower. Lenders check credit rating to their satisfaction before sanctioning any loan to the borrowers.
Bad credit loans are available in two ways by providing a security or without it. However, lenders prefer to give bad credit loans only to those borrowers who can provide a security. This is usually done to cover the risk involved in giving loans to people who have dubious credit record.
Payday loans no debit card: Best cash remedy in your financial crisis
If you need fast cash aid without facing any tricky and complicated application criteria then payday loans no debit card is perfect option for you. With support of these loans you can immediately get approved for the unexpected emergency funds. These loans are wonderful option in those circumstances where requirement of money is urgent and you dont have enough time with you.
Financial emergencies are quite uncertain and unintended by nature. No one knows when and with whom it occurs. But, you can take assist of payday loans no debit card if you get stuck in the situation of financial crisis and need quick fiscal support. The availing and approving procedure of these loans is quite simple and hassle free. No kind of faxing and extensive paperwork procedure associated with this loan procedure.
If you need cash within the same day of applying then choose online mode of application. It is quite easy to use and prompt to access. You just need to complete a single online form with basic details like name, address, contact no, email id, account, income etc. Once the form gets approved by the lender the amount will automatically transit in your bank account within next 24 hours without any trouble and hardiness.
Payday loans are basically a small term loan that is useful to resolve uninvited monthly crisis. With assist of this loan people can grab funds varying from £100 to £1500 for the time duration of 14 to 31 days. If you find this term duration not sufficient to repay the funds then by paying some nominal amount you set the duration as per your requirements.
Further, these loans are also accessible by the poor credit borrowers. While you are applying for these loans lenders do not execute any kind of credit verification process. Even, regular repayment will assist you to enhance your credit profile.
Plus, with the borrowed funds you fulfill your numerous purposes easily like medical care cost, car loan installments, credit card bills, huge previous debts, grocery bills, school and college expenses, and so on.
However, you need to pay slightly higher interest amount against these loans as it can be approved without any collateral. But, valid online research and comparison may avail you lucrative deal on affordable price.