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A secured loan is a loan in which the individual borrower pledges a tangible asset such as a property or a car as collateral against a loan. The borrower will usually get a favourable rate of credit; as well as be able to borrow a larger amount than on a normal personal loan. This is because the lender has the legal option of taking the asset if the loan is not repaid. So the lender has security on the loan, and therefore acquires less risk.
Why should you consider a secured loan with this risk?
Generally there are three reasons a borrower would opt for a secured loan:
* It is easier to obtain as the lender has security on the loan. .....
Don't be put off by the title of the loan, an unsecured loan (also know as a personal loan) is actually a less risky loan for the borrower as they do not have to put up a valuable asset (usually a flat or house) as collateral to receive the loan.
Effectively it is a loan which is supported by the borrower's credit rating; rather than his or her assets.
Generally an Unsecured Loan can be any amount between £1,000 and £25,000 and though the borrower can choose different payment periods; generally the repayment period is 5 years or less.
People often accrue debts through a variety of channels – EG credit cards, bank loans and other creditors. All these debts will have different interest rates and can be difficult to keep track of. A consolidation loan is a loan which is used to pay off these debts so that you are only paying the one debt consolidation loan, This way you can both keep track of your debts under one easy to manage loan and; more importantly will almost certainly save you money on repayments as the interest rate is generally very low.
Logbook loans are very similar to Payday loans, and have recently been placed in their own category. Aimed at people with poor credit ratings, CCJs and arrears, Logbook loans give car owners the chance to borrow money in the region of around £500 to £50,000. A Logbook loan is simply a secured loan - but instead of being secured against your home, it is secured against your car.
An IVA or Individual Voluntary Agreement is a contract or deal you make with your creditors (those you owe money to). It is for people whose only other option is to go bankrupt, and it offers an alternative to bankruptcy. Under an IVA the applicant will tell their creditors that there is no way they can be paid back all the money that is owed. The applicant explains that their only other option is bankruptcy. Under an IVA you are offering your creditors a deal: you'll pay back a percentage of money owed in settlement of the debt, or you'll have no option but to make yourself bankrupt.
A bad credit loan is designed for you if you have poor credit. You might have seen advertisements for Loans For People with Poor Credit Rating, CCJs or arrears. These mean that despite a bad track record, you will most likely be considered. Bad credit brokers allow individuals to enter their requirements - be it for a personal loan, a secured loan or other - and will scour the market on your behalf to find a deal. They will know which lenders are likely to accept you even if you have suffered a less-than-perfect financial past.
A Payday loan is often referred to as a 24 hour loan, a fast loan or easy loan. Essentially it is an easy to get small loan that is lent on a short term, often 30 day, repayment scheme. It is often used to cover unexpected bills or for example an unexpected emergency such as a car repair. It is called a 'Payday' loan as the lender generally is expected to repay the loan when they're paid.
The loans are easy to qualify for, though generally proof of employment/payslips are needed.
There are a large number of different products on the loans markets, and finding the right one for your needs can prove difficult. So what is the difference between Payday Loans, Secured and Unsecured Loans, and Debt Consolidation loans? Who are they for and for what should they be used? Read our guide below or if you know what kind of loan you need; click on the links below to view our selection.
